Taxes – An Introduction

June 13, 2022

Most individuals are somewhat aware of the taxes they pay – or at least that they are paying taxes in the first place.

Wage earners will see the difference between gross and net pay, while entrepreneurs and business owners will know all to well the pain of writing checks to the US Treasury. The purpose of this post is to provide high level information on how important it is to consider taxes in your financial plan – it is truly one of the last areas of “outperformance” available to investors who are willing and able to create (and stick) to a long-term plan.

If looking to refine your tax planning, where should you start? 

2021 tax rates. Source:

What’s the point of all this?

At a basic level, looking for errors. The IRS is not in the business of double-checking your work, they are in the business of collecting taxes and ensure that said collections are no less than they should be. You have to be your own best advocate to ensure accurate filings – even if you hire a tax preparer. 

The next level – optimization. Your tax return will provide the blueprint for making more comprehensive long-term tax planning decisions, such as:

Want to learn more and go through your 1040?

Feel free to reach out – we are happy to walk through this with you and provide helpful tips/tricks/and considerations for you and your tax preparer. 


This material has been prepared for informational purposes only and should not be used as investment, tax, legal or accounting advice. All investing involves risk. Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against a loss. You should consult your own tax, legal and accounting advisors.

Frankly Finances is a registered investment advisor with the state of Florida and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration does not imply a certain level of skill or training. Please refer to our Form ADV Part 2A disclosure brochure for additional information regarding the qualifications and business practices of Frankly Finances.

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