Deductions, Reductions & Productions

The atmosphere at NDQ HQ this week is a whirlwind of paper when tax preparation is in full swing a few days before the appointment with the accountant. There’s excitement in the air and I am looking forward to the check up where we figure out how the past year went, work out which deductions we will work toward in the coming year, and determine what reductions are working in my favor.

It may be my favorite season of the year because it is a time of validation for all of the hard work throughout the year of working-saving-investing. I love seeing my year’s efforts all compiled into a neat package of government forms. Once the forms are filed and the tax amount determined, it closes out the past year and I can once again focus on the current year’s progress.

I maintain a 3-ring binder with statements from all of my investment accounts and bank accounts so that I have everything in one place. I enjoy glancing through the statements to see my current retirement account balance, my stocks, HSA, mutual funds, and my index funds as well. I can easily look back a year and see how the accounts have grown and how my net worth has increased. It’s one of the most comforting things I own.

NDQ

p.s. Check out the new NDQ Guide: 500 Tips the guide that will give you actionable steps to jump start your savings and investing immediately.

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