Are you ready for tax season? In this edition of Dollars & Sense, Anita Knotts, Founder & CEO of the Lotus Women’s Institute, joins 630 Naperville host Joe Chura to talk all things taxes. Anita offers tips to make sure you are prepared, ready to optimize your deductions, and as a result, grow your wealth in the long term.
Top Five Tax Tips
- Low hanging fruit: Contribute to your retirement plans such as a 401k & IRA.
- Business owners deduct everything possible: Phone usage, internet usage, etc.
- College savings plan/plans: Establish a 529 plan. Annual gift $15,000 to each of your children tax-free.
- Put your retirement first: It’s most important to contribute to your own future over college savings plans etc.
- Charitable donations: Planned Giving, Donar Advised Funds, etc,
Who is Anita Knotts?
Anita Knotts is the Founder & CEO of Lotus Women’s Institute. After a successful career in wealth management, Anita launched this enterprise with the mission to attract, develop and advance women in finance. As a woman of color, she wants to see more women enter client-facing roles and connect them with firms who are sincerely committed to DEI. While she is based in the Chicago suburbs, Anita is working with financial service firms around the country who are seeking female candidates for their organizations. Anita strongly believes that the hiring; development, and advancement of diverse groups in our business communities is not just an altruistic mission, it is a business imperative.
What is the Lotus Women’s Institute?
Lotus Women’s Institute is on a mission to transform the world of finance. Our vision is to attract, develop and advance women – and women of color – in finance!
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