Will You Benefit Or Lose With The New Tax Laws?

vancewealth Tax Issues

New tax laws are significant and sweeping. To move from loss to gain, it’s time to rethink your tax strategy — especially in retirement.

When it comes to your finances, knowledge provides protection where it’s needed most. The right guidance, at the right time, can make the difference between preparing for life’s uncertainties and anticipating them.

With recent changes in tax legislation, it’s more important than ever to put knowledge to work ahead of the next tax season. This year, new tax law has gone into effect and will likely produce significant changes to your financial strategy and, especially, your retirement. There’s still time, however, to take advantage of tax-saving opportunities if you act now.

“Whatever you thought you knew about your taxes — throw it out,” said John Vance, President of Vance Wealth, CERTIFIED FINANCIAL PLANNER™, cdfa®. “With the recent tax changes, we need to take a fresh look at everything, and adjust your tax strategy accordingly.”

The most significant change you may have to cope with is the switch to filing the standard deduction. Many people have been filing itemized deductions for the past 40 years, reaping the benefits of charitable giving, property taxes and other common tax breaks. By not filing itemized deductions, however, you’ll need to find new ways to save.

“Most importantly, you don’t want to be reactive in this situation,” warns John. “If you adjust your strategy now, you still have time to take advantage of some unique planning opportunities.”

For example, it could benefit your retirement strategy to take advantage of the bottom tax brackets, which are lower than they’ve ever been. Since these rates may not stick around forever, it’s important to be proactive, so you can continue to save on your taxes in new ways.

“There are still four months left in the year; it’s not too late,” John said. “But it may be too late by next year. The path to your dreams is real and achievable, and we’re here to help you navigate it.”

To learn about the 2018 changes in tax legislation — as well as new tax reduction strategies — take advantage of our “Taxes in Retirement Workshop” on Wednesday, Sept. 12 at 12 p.m. or 5:30 p.m. or October 10th 12 p.m. or 5:30 p.m.

Please RSVP seating is limited: https://vancewealth.com/events/

Disclosures: The foregoing information has been obtained from sources considered to be reliable, butwe do not guarantee that it is accurate or complete. Any opinions are those of John Vance and not necessarily those of Raymond James. Raymond James does not provide tax services. Please discuss these matters with the appropriate professional.