Thanksgiving is a good time to take a break from our everyday lives and take a look at everything we are thankful for. Since I'm a tax guy, I'm certainly thankful that I work in a field that keeps me engaged and always learning. And also, since I'm a tax guy, this Thanksgiving, let's look at some things to be thankful for from a tax perspective.
- Family. Having loved ones in your life is a gift: children, parents, brothers, and sisters. And if any of them are dependents, come tax time, you'll be a little extra grateful for them, as they will put some more money in your refund.
- Shelter. Watching the news on any given day will give you insight to what others around the world, and around our country, struggle with on a daily basis -- lack of shelter. Whether it's due to a severe storm or financial misfortunes, not everyone is lucky enough to have a roof over their heads at night. And that pesky mortgage interest you pay, well, that can help lessen your tax burden when you file your taxes.
- Education. Seeing the lack of education and educational opportunities to so many people throughout the world makes me realize just how lucky we are to be able to go to school when we want. And you can even claim a tax credit or deduction for the cost of yours, your spouses or your children's education.
There are many things that each of us are aware of and personally thankful for and many more if we pause to reflect on them. As we go about our busy lives working and taking care of our personal lives and families and even planning for our taxes, it is a great thing that our society encourages the taking of time to reflect, if even only for a day, on all that we have.
Enjoy this Thanksgiving. Next week you can get started on your year-end planning and tax planning for this year and next. For now, TURKEY UP and celebrate a holiday that like our tax system is totally uniquely American.