Have you had your check-up?
Tax change check-up is what I was referring to. There have been several changes to the tax code which may or may not impact you, BUT the odds are you will be impacted. I have spent a good part of this year delving into those changes, to best advise my clients how to be prepared.
Last week a colleague pointed out with a little chuckle, “you come alive just at the mention of taxes!” She was right – I get giddy, there was possibly a giggle in there too. For me active in this period of tax change is exciting, maybe even heart pounding. Clarifications, court decision and understanding these new tax changes is speaking my love language. Advocating for my client’s best interest through opportunities presented in the tax code is who I am.
1986 was a big tax year, for me it was the year I was married and blissfully unaware my journey would take me to where I am today. Now I am actively participating as the greatest changes to the tax code in 32 years are being enacted – don’t do the math I am still 42. From watching the bill on the Senate floor, becoming law and reading the full text (Tax Reform) to questioning application and seeking answers.
I take a very pro-active approach as many of you know. In the practice we regularly provide tax position analysis, typically tax review appointments annually, quarterly for business clients or as requested due to a specific event. It is our goal to finish the year without surprises and having presented action items to mitigate tax where allowable for all my clients. Good News – having completed our second-quarter analysis for business clients and as requested for individuals, most changes have been beneficial.
Here are a few of things to review with your tax professional while you still have time to course correct if needed or you just want to be pro-active about taxes. Yes, feel free to contact Weathers & Associates, I would be happy to help:
1) Are you over or under withholding on wage earnings?
2) Are you leveraging your employee benefits to maximize tax saving?
3) As a self-employed person is your spouse a wage earner? Will your small business deduction be impacted?
4) Are you retired and making charitable deductions through the most beneficial method?
You can also check out this page for more information Tax Changes