By Paul Morrone CFP®, CPA/PFS, MSA
For many Americans taxes are a necessary evil. Something to ‘get done’ and forget about for 12 months. However, the savvy taxpayer knows that filing your tax return is equally as important as understanding what it is telling you. With the 2017 filing season now in the rear-view mirror, it’s best to digest this information while it’s still fresh and while there are still 7 months left in 2018 to make any necessary changes. Spending some time to review your tax return will provide you with insight into the financial health of your household that is unavailable through any other means. There is a reason that almost all lenders ask for copies of your tax returns as one of the first items in consideration of your creditworthiness and it is because of the treasure trove of information it beholds. While it would take volumes to go through every line of the 1040 and its sub-schedules, right now we’ll keep it simple and focus on one number everyone should understand.