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The "Compass System"
Americans love to complain that the rich don't pay enough taxes. And now, one financial advisor and author suggests that those complainers get proactive and learn to use the tricks of the tax trade themselves. Steve Casto, a financial expert specializing in retirement planning, says it bothers him that average people pay thousands of dollars in taxes that they could legally and rightfully avoid paying.
In his recent book, Is Your Retirement Heading in the Right Direction?, Casto describes what he calls the "Compass System," which helps clients reduce taxes, increase income, and make their money last as long as they live.
Most people simply get their taxes done once a year, says Casto, instead of sitting down and planning for taxes on IRAs, capital gains, and estates. In his book, he offers a number of different tax strategies for people to consider. “Because we are living so much longer, and because inflation is such a huge problem, we cannot afford to be conservative," he warns. "Using the wrong strategies means we could outlive our money." (Strategic Wealth Solutions, $19.95) HBM Previously published in the August 2007 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com
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