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Financial Strategist, Donnell Bobo's Tips for Tax and Credit Planning in 2014
The CEO of DB Enterprises shares tips to elevate our financial worth in 2014
The boutique-styled company strives to continue to enhance the community’s awareness in financial and credit literacy. Through their unique combination of consulting, products, financial services and partnerships, DB Enterprises can incorporate client’s investment needs into a comprehensive financial management strategy.
While many people may be able to do their own taxes, financial planning, credit repair and investments, what they don’t know is that there are aspects of financial services that are privy only to financial professionals. The same way individuals go to an attorney or doctor for legal or medical advice should be the same way they utilize a financial expert.
“If you wanted medical advice about something that was critical to your health, you wouldn’t solely depend on yourself for help, correct? You would see a Doctor. That should be the same for your financial health. Don’t jeopardize your future by not seeking professional help,” said Bobo.
Unfortunately many minorities and disadvantaged groups are not as educated as their counterparts in terms of financial literacy- a problem that Bobo says keeps many minorities in a cycle of financial disaster- debilitating their potential to become wealthy.
“I think a lot of people think that only rich people have financial consultants, this is a misconception that limits the earning potential of many people. Financial literacy is the greatest asset a person can have to truly succeed and thrive in our capitalistic economy. You have to know about your credit, loan and tax rights. Sure anyone can file their own taxes but not everyone knows that they are entitled to certain credits and deductions. In terms of credit repair, people don’t understand credit laws and the strategies and services that can protect them from negative reporting. Our company assists individuals to understand things such as consumer rights, how to challenge inaccurate, misleading, unverifiable and sometimes biased and untimely credit reporting. Small things can affect your ability to own a home, buy a car or something as simple as getting a Best Buy or Target card. There is a financial epidemic attacking our community and we have been victimized by lenders and creditor for years- now is the time for individuals to take control of their financial worth and power,” said Bobo.
Along with helping business owners, Bobo’s company offers strategic financial management planning to athletes and celebrities. “A lot of people aren’t born with a silver spoon in their mouth so when they make their millions they don’t always have the necessary background on how to grow their fortune, invest and become wealthy. There are lot of people who are rich but very few become wealthy. Our company educates and helps people employ strategies that allow them to become financially independent and wealthy for a lifetime.”
Here are Bobo’s five questions/tips that you should know before filing your taxes
1.Claim everything you’ve earned: your income, bonuses, gaming wins etc
2.Know what deductions you qualify for. There are many credits that you don’t 3.know about
4.What type of expenses qualify as a tax deductions for individuals ’and /or business entities
5. How do I proceed with filing my taxes when one or the following occurred: My home was in foreclosures, I did a short sell or filed bankruptcy; what reportable will I have capital gains
Don't forget retirement saving; A great way to save money on taxes is by having a properly structured retirement plan. Both 401K and Roth IRA plans carry tax implications of various shapes and size.