Ending the Tax-Planning “Excuse-itis” Financial Experts at Pathfinder Wealth Consulting Provide Best Path on What to do Before the new Year

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Jason Wheeler, CEO of Pathfinder Wealth Consulting, has devised a series of steps taxpayers can take now to prepare for the months ahead – no matter the outcome of the fiscal fight heating up on Capitol Hill. As a savings expert and business owner himself, he lays out his approach in three points applicable to people across all income levels.

Procrastination, excuse-itis, and waiting for Congress to make decisions for you just might lead to some serious financial regret.

Jason Wheeler, CEO of Pathfinder Wealth Consulting, spends most days fielding financial questions from retirees and families. He understands the nation’s fiscal future seems less predictable than ever. He sees taxpayers collectively holding their breath as they look for some glimmer of financial hope. In fact, the current news stream of recession horror stories – with the occasional commercial break to promote holiday spending – is threatening to turn into a deluge.

In the midst of all of this confusion, Wheeler has decided to urge folks to cut through the noise and be proactive. As a result, his East-Coast-based firm is helping people direct their focus on what is in their control, like tax planning.

“The year’s end is approaching quickly and many people – my clients included – are feeling stressed and helpless in regards to their financial readiness for 2013,” Wheeler said. “Unfortunately, it is more important than ever to be proactive because we do not know exactly what to expect, and yet the future we are preparing for is merely weeks away.”

Wheeler has devised a series of steps taxpayers can take now to prepare for the months ahead – no matter the outcome of the fiscal fight heating up on Capitol Hill. As a savings expert and business owner himself, he laid out his approach in three points applicable to people across all income levels.

First, be proactive. Many people wait until after the beginning of the year to start gathering their tax information when most of this is already available. By looking at financial statements before the end of the year, they still have an opportunity to make changes that may save them potential taxes in the future.

Second, have an understanding of what could be. Clients do not need to be proficient in taxes to sit down with a financial advisor or tax professional. It is the job of the expert to give a clear picture based on current tax code, best case scenario and worst case scenario.

Third, think short-term and long-term. After reviewing tax implications, match this against longer-term financial plans. Preferably, eliminate the wait and work with the financial team before year’s end to take advantage of time.

“The only thing that is certain now is the 2012 tax code and some of the lowest tax rates in our country's history,” Wheeler said. “Procrastination, excuse-itis, and waiting for Congress to make decisions for you just might lead to some serious financial regret.”

After spending the last several months answering “what-ifs” from his clientele, Wheeler decided to turn the questions into a proactive “how-to.”

“I’m fortunate to be in a position to talk with a wide range of folks with likeminded concerns about the economy,” he said. “I get to hear these people every day – it’s a snapshot of how most people feel around the country. I don’t ever want to see anyone so overwhelmed that they throw their hands up in the air and just wait for the fall … we do have some control in this situation.”

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Hilary Brady
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