By Professor Anthony Rivieccio MBA PFA
Tax Planning is learning and applying the tax rules to your lifestyle. After keeping all ofyour tax deduction-related and business-related receipts, you apply them to your tax filing in the following year.
Can you get a higher one this year if you have not filed yet? Yes and no! The options now are very limited. Why? Simply because tax planning is NOT tax preparation and tax preparation is NOT tax planning.
Thus, the absolute best way to maximize your 2020 tax refund next year is to start learning and applying the rules from January 2020— and yes, six months have passed already.
Do you have dependents or children? Want to start or own a small business? Do you give to charity? Own a home? Do you pay property taxes? Have you adjusted your W-4 yet at work? These are just a few areas that if learned and executed properly could expand your tax refund by hundreds or maybe even thousands of dollars.
Remember, as the Trump tax reforms have now taken effect, many rules have changed, been readjusted, or in some cases eliminated.
You must be wondering how one gets a higher tax refund next year? You can start by applying the 2020 rules now, not next year when it’s tax filing time.
So, with the July 15th deadline coming up for filing for Tax Year 2019, now would be the best time to call your tax representative and request a tax planning session.
Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio is an Adjunct Professor of Business, Finance & Accounting at the City University of New York and Monroe College. You can reach Anthony at 347.575.5045.
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