Capital Advisory Group - March 2020

119 Old State Rd., Ellisville, MO 63021 THE WEALTH ZONE From Tax Wary to Tax Happy A CHANGE OF PERSPECTIVE: MAR 2020

Did you know that optimists tend to live longer? According to a study conducted by Boston University School of Medicine researchers, people who look on the sunny side have an 11%–15% longer lifespan. Part of this may be due to optimists’ abilities to handle stress and their tendencies to set goals — not to mention their confidence in achieving them. With March being Optimism Month, we think these findings make it worth taking a second look at how we approach the world.We could all use a reminder to focus on the positive — especially when it comes to taxes — right? For the majority of folks, the approaching tax season feels, well, anything but joyful. We know thinking about taxes doesn’t exactly inspire a harbinger of optimism, especially when a lot of the result isn’t up to you but is based on federal and state law.When you feel like something is out of your control, it’s easy to blame a negative outcome on someone else. But we also know there are many outcomes in your control when it comes to your taxes, and taking a more positive outlook might help you maximize your returns this time of year. The IRS often gets depicted as this big bad cop that’s out to get us, but that’s

not the reality at all. Many of the recent changes to the tax code are meant to benefit business owners, not penalize them. Knowing how to navigate tax laws and make them work to your advantage can make all the difference. Many simple changes can help you keep more of what’s yours, like adjusting the way you itemize deductions to get the most out of personal expenses. By looking at changes to the tax code and seeing how they affect you and how you can use them to your advantage, you can keep more of your tax outcomes in your control, keeping more of what’s yours. Tax strategy is part of an ongoing conversation with you, your business, and us. Staying organized and planning ahead

takes the guesswork out of taxes and sets you and your business up for success. Now that sounds like an optimistic outlook! Inside this edition, we talk about the benefits of getting your taxes filed on time rather than requesting an extension. Trust us, it’s much better to not prolong the inevitable. As always, we’re here for you during tax season and all year-round! Let’s make the most of what we’re given to keep more of what’s ours! Until next time,

-Jeff and John Zufall

(636) 394-5524 1

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