Tax Planning for the New Tax Code

This is a year for planning ahead. When you have a dramatic change in the tax code, it is very wise to estimate your tax liability and compare to last year. For many people, the tax code changes are a lot of noise and fury that ends with a thud. For others, there may be pleasant or unpleasant surprises ahead.

There are so many shifts in the code that it is difficult to say how many people will be affected. Why not take a few minutes to figure out how you will be impacted? Here is a great place to start:

Online Taxes

Getting an estimate now allows you to take advantage of improvements or prepare for the unfortunate event of higher taxes. If your taxes are lower, you may want to consider converting some funds in a traditional IRA to a Roth. These lower rates won't last long: they are set to "sunset" in 2025 along with many other provisions in the code.

If your taxes are higher, you may want to increase your contributions to a 401k plan, an IRA, or increase the withholding on your income.

Don't be a victim of your tax return! Take control of your taxes by knowing what to expect and preparing for April 15th, 2019.