Today we spring ahead in the US! As we welcome longer days, it is also tax time! How are you doing with taxes?
While US taxes are due 15 April for individuals, if as a business you filed an extension, your due date is March 15th. It’s crunch time for many …
The impact of the new US tax law is unknown for those who have yet to file. When working with an accountant or tax preparation advisor, now is the time to review your financial plan to determine whether changes may benefit you moving forward. Think about questions you can ask now to learn about your specific situation.
- If my income is similar to last year, what should I expect to pay?
- What specific deductions are impacted by the new tax law impacted for me?
- Is it wise for me to itemize this year?
- Does the alternative minimum tax (AMT) apply to me?
- Now that the personal exemption has been eliminated, will I benefit from the Child Tax Credit (CTC)?
- Are there any strategies I should consider to optimize gifts to charities?
- As a small-business owner, am I able to benefit from the new 20% deduction on business income? How do changes in deductions apply to me?
- What are some ways I could consider changes to my taxable income moving forward?
Tax liabilities exist. Understanding your specific situation and seeking ways to reduce tax liability with tax experts can help reduce the stress of filing. Consulting with tax experts throughout the year can help you adjust throughout the year rather than waiting until tax time!
Learn from your filing this year and use this information to build a plan for 2019! Stay alert, stay involved and tax season will not be a surprise!
Want to avoid other surprises? Let’s investigate strategies to enhance your life and business planning together. Contact me via Email. Additional information is available upon request or on the website @ The Living Planner
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