You may think that since the April tax deadline has passed, we can coast through the rest of the year. But nothing is further from the truth. It is easy to get lulled into a false sense of security knowing that April 15th has come and gone. However, this is the perfect time to look at the new tax laws and begin planning how you can leverage the coming months for your tax benefit. Everyday that goes by you are losing valuable planning time and you are losing out on opportunities to make other investments for 2018.
I am sure you have heard a lot of things about the tax law changes and law changes in general and I can tell you it is overwhelming. There is a lot of new stuff. Here is 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 tax returns from 2015, 2016, and 2017 if ready and applicable. If you are a business owner I recommend printing your financials for the business, for the most recent time frame that you have. 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 your CPA and ask them to 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 does not 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.
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