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Financial Focus: Income Tax Planning 2017

A new government, a new tax plan, a new world!

Have you read or heard about some of the new tax and economic policy changes for 2017? They include:

*20% Import Tax on Canadian Imports
*Elimination of 3.8% Investment Tax to pay for healthcare
*President Trump calls for Income Tax Overhaul
*ObamaCare: gone!

Yes, after eight years of tax and financial policy under President Barack Obama, our new President, is proposing (and is already implementing) a tax and financial policy which will change our U.S. economy and your pocketbook at the same time.

In simple terms, being proposed is:

*a 66% Small Business tax cut
*a 20-33% Individual tax cut
*62% Decrease in deductions & credits

What that means in simple economic terms is most individuals will have more money in their pocket to: save, spend and invest! And most individuals will see their tax refund cut by as much as 75%.

What does it mean to you!?

After all, if you’re paying less and some of your current deductions are eliminated, shouldn’t you get less back?

Income tax planning is the simple execution of tips and strategies designed to lower your tax liability, which should produce a bigger tax refund.

And with tax laws changing your tax lifestyle should change with it!

Now is the time to go back (or find another) to your tax preparer and them to put their “Tax Advisor” hat on.

You must learn to use the information from your tax return and find additional strategies to find any deduction, credit, or refund opportunity that might apply to you.

A credentialed “Tax Advisor” should now be sharing tax planning tips on:

*Maximizing your dependents
*Making sure that you’re claiming all the dependents that you can
*Minimizing Your Income
*Reducing your taxable income to reduce taxes
*Maximize your deductions and credits
*Make sure you’re claiming all the deductions and credits you are eligible for
*More itemized deductions

Let’s look for ways to increase your current itemized deductions:

*Compare your taxes from 2015 to 2016 to examine your current patterns
*How your taxes are affected when those tax deductions are gone
*Readjusting your W4 at work so you have ” just enough” TAXES coming out of your paycheck

Anthony Rivieccio is the founder and CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, BronxNet, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, and The Bronx Chronicle. For financial assistance or a FREE 2016 Income Tax Analysis. Anthony can be reached at 347.575.5045

 

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One thought on “Financial Focus: Income Tax Planning 2017

  1. Debarati

    Income tax planning is one of the most important financial management step that every individual must take in order to know their profit and loss statements throughout the year. Also it will enable them to invest in the best of schemes to gain the most returns.

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