You may think that since the April tax deadline has passed, we can coast through the year. Nothing is further from the truth. This is the perfect time to look at the new tax laws and plan how we can leverage the coming months for your tax benefit.
Today I'd like to talk to you about what you should be thinking about this summer. It's easy to get lulled into a false sense of security knowing that April 15th has come and gone. It's the summertime.
We're probably thinking more about where to take our family vacation that we are what to do about our finances and taking advantage of some of the law changes in our favor that have occurred this year. But I'm here to tell you that every day that goes by we're losing valuable planning time and we're losing opportunities that we may otherwise have to make changes or to make other investments for 2018. And I'm sure you've heard a lot of things about the tax law changes and just about law changes in general and I can tell you it's overwhelming. There's a lot of new stuff.
Here's what I recommend you do this summer when you get back from that much-needed family vacation. I recommend that you sit down with a CPA and review your financial picture and talk about what you could be doing to take advantage of some of the changes that we have this year or just to tighten things up in general. Now when you go and meet with that CPA I recommend you bring a couple of things with you. Copies of your 2016, 2015, and 2017 if ready and applicable tax returns. That's going to be something that every CPA will want to see. If you're a business owner I would recommend printing your financials for the business for the most recent time frame that you have. Bring those along with you and then bring along copies of your state documents copies of your will, copies of anything that would have a financial bearing on your life. Meet with that CPA. Talk to them and let them review those documents and then work with them to come up with a plan. Even though the new tax laws are going to be beneficial for most Americans, that doesn't mean that we can sit back and neglect our financial health. Again, I recommend having that CPA meeting this summer, giving you plenty of time to put that plan in place by the end of this year.