Weekly Wrap-Up Session – FNI
In This week we have discussed a variety of Financial Issues ranging from the best way to choose a Financial Advisor and the various options available to the power of stocks in your portfolio and the functioning of the IRS.
The process of choosing the best available Financial Advisor was explained in detail so much so that even a layman would be able to make the correct decision. You need to be careful prior to making the final selection as you would also need to focus on the experience of the person and the fees being charged. Choose an advisor as per your specific needs as multiple options are available and people with different qualifications are easily available.
Next, the basics of stocks and their value in your portfolio were explained. The smart investor does not keep all eggs in one basket and invests in good companies even if the return may seem to be on the lower side to start off with. You need to understand that a long term investment in a reliable organization will always give good returns. The different categories of stocks like large cap, medium cap and small cap were also analyzed in detail.
The implications of taxes and how they impact us was also explained. The reasons why taxes are applied and the importance of paying them on time every time was discussed. Certain tips were also provided for end of the year tax planning that will definitely help you save money every year.
Any discussion on tax is incomplete without the mention of IRS. Hence, the three types of audits conducted by IRS were provided in details and the focus was the need to be clear and concise at all times. Also you may have earned a lot of tax credits and should utilize them to save money. Do remember to file your returns on time to avoid any penalties.
Next week we will look at the working of the IRS and the various Income Tax laws. An attempt will also be made to simplify the complicated tax laws that have evolved over the years. We will also look at the history of income tax and the way it has impacted people since the Second World War.