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7 Smart Financial Steps to Take in 2016

7 Smart Financial Steps to Take in 2016
Is this the year you want your financial picture to shine? We’ve got some good news: There are no tax increases looming, and the banking, housing and labor markets are solid. That means this is the perfect time to shore up your personal finances and prepare for the long haul.
Here are some steps you can implement when opportunity, cash flow, existing debt and mental fortitude allow. Barring a sudden global economic or personal meltdown, you could wake up next January with a satisfied smile on your face.
1. Lower your income; secure your future.
If you’re over 50, consider setting up a defined-benefit plan to reduce your company’s taxable income -- and ultimately yours. As earnings rise, you may be able to contribute more than with a defined-contribution plan, such as a SEP (simplified employee pension). Defined-benefit plans provide a fixed, preestablished benefit for employees at retirement. There is also an age-weighted profit-sharing plan you can set up for you and your employees that follows a similar structure. If that sounds too complex for you, then make sure to take these tax deductions (which many people overlook): sales taxes, healthcare premiums and expenses for charitable work ... more

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