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Less than a month to go until Tax Day! I know many of you out there are feeling the crunch, especially if you’re preparing your taxes on your own. But even if you do work with a tax professional, it’s important to have a basic understanding of how the IRS determines your taxable income this year, and an understanding of the new laws going into effect next year.
By the end of February, your financial institutions should have sent you all your relevant tax documents for 2017, like earning statements on your investment accounts, interest earned on savings, etc. If you’re missing anything important, you might want to get in touch with those institutions and make sure the info you need is on its way.
My team at Keen Wealth has been hard at work pouring over the new tax bill that President Trump signed into law at the end of 2017. There’s much to unpack and a few details that still haven’t settled into place, but I know that my listeners and clients have questions. So while this probably won’t be our only episode this year on what might be the biggest change to the tax code in decades, today we will look at some of the most important changes this bill introduces. Hopefully this discussion will help folks cut through all the political clamor, and start thinking about the potential impact on their financial planning.
Tax season may – finally! – be behind us, but taxes are still very much on the minds of our listeners, and my clients at Keen Wealth. President Trump recently unveiled a new tax plan, the consequences of which are still being unpacked and analyzed. And changing taxes is just one part of the broader Trump economic plan that the president and Congress are trying to convert from campaign promises into actual legislation.
On today’s show, we offer some timely and helpful advice on things we see the most in our firm during tax season. This episode will be especially helpful if you’re new to the various 1099 forms.
One piece of advice we give our clients at Keen Wealth Advisors is to make a financial plan that attempts to minimize surprises in retirement. Without a plan, many retirees get their first big surprise in the second week of April. And it’s not a fun surprise: when you stop receiving a paycheck and start living off your assets and investments, your tax filings can change dramatically.