I know we are still a week out from Thanksgiving, but it felt like a good time to express a little gratitude.

Over the last two weeks, I have written about how the last election holds some promise of upcoming change, while cautioning that we can’t quite know what the change will be yet. It is a time of flux and how people feel about it covers a wide spectrum.

This week, nothing has changed, and I still cannot offer solace for those seeking it or accurate predictions for others seeking those. Hopefully, however, we can still offer a little bit of confidence.

We must ride out this wave a bit before we know where it’s headed. But we have done it before, and not even that long ago. Remember just how much uncertainly we had to wade through during the pandemic? And unfortunately, we will have to do it again in the future – many times.

We at TSBAS, though, are thankful for those who trust us to help them get through the uncertain times. And these times may turn out to be great ones for you. Though granted, these times may turn out to be trying ones for you, as well. Again, we will have to wait and find out.

But one definite in this is that you have our gratitude for letting us find out together. So may this upcoming holiday week treat you well.  We all deserve it.

Warmly,

Josh Bousquet
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Last week I wrote about not taking any drastic measures while thinking about taxes in the wake of Donald Trump’s election. I definitely still stand by this, especially at a time when it seemed like one of the best things everyone could do was take a deep breath no matter how you felt about the election’s outcome. Not being super reactionary is one thing, though, while remaining ignorant and hiding your head in the sand is another.  This is especially true with Trump giving all indications that he plans to act quickly once he gets into office.

Just how fast he can do everything certainly remains to be seen. But just as last week I said there is unlikely to be anything that will affect the filing of your next tax return, it is likely that there will be actions taken that will affect your 2025 return.

One of the most likely things is extending expiring provisions of Trump’s 2017 Tax Cuts and Jobs Act. Much of this could result in simply maintaining the status quo and looking much like things did with your last tax return. This would mean not needing to make moves to make up for provisions that could have run out.

Beyond that, much of what Trump is looking to do is reducing taxes for some in higher wealth categories, many of whom will be very happy if he does choose to revisit the $10,000 cap on state and local tax deductions. Corporations would also be happy if he can drop their tax rate, too, even if it only ends up being by a percentage point.

I think it’s worth keeping in mind that there are a lot of moving parts here that go beyond simply tax law. Just how much money is expected to be collected via any tax plan then becomes a crucial part of budgeting. And especially with Trump’s championing of higher tariffs, the country’s fiscal situation is likely to change in multiple areas and these will probably all have to be weighed against each other when determining an overall fiscal policy.

The end point, though, is that it seems impossible that there will not be changes. So even if one cannot pinpoint what they will be at this moment, there is still value in being aware that they are coming and remaining open to seeing what they will mean for your personal situation.

Warmly,

Josh Bousquet
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It took only about .58 seconds after enough votes came in for Donald Trump to be announced as the next president for stories to come out about what the economy will look like under his second term and what tax changes could be on the horizon. No, that’s not even fully true – such stories had been coming out for weeks ahead of the election.

Now that we have reached the conclusion of the election cycle, it is impossible not to look forward to what it can mean. And depending on where you look, these visions range from idyllic to apocalyptic, so it is not as if there is one answer I can give you here and label it as exactly what you should expect.

We must take a bit of a pause until all the newly elected take office early next year and see where their priorities lie and what they will pursue first. For now, it’s probably best to just imagine that if you preferred things under Trump’s first four years as president over the last four years under Joe Biden, then it is likely to look good for you.

But that doesn’t mean you should immediately make any giant changes. During his first term, Trump did pass significant tax reform and it would not be wild to imagine he may do so again, or at least strengthen/extend some of the changes he has already championed. It would be wild, however, to imagine that he would come in and implement sweeping changes immediately that will affect your outlook for your next tax return.

For now then, remain on the course you have laid out for this year while being prepared to possibly make some changes in future years. As always, the thing to do is make the best moves within the rules that exist at the time. So, the rules have not changed but that does not mean they will not in the future.

And even if they do, we remain committed to working alongside you to help you make the rules work the best that they can for you.

Warmly,

Josh Bousquet
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If I wanted to, I could write something in this space every week about the latest scam that is taking hold. Right now, we could discuss fake charities that are purportedly raising money in the wake of Hurricanes Helene and Milton. Or maybe talk about those who are claiming to raise money ahead of the election but are only lining their own pockets. There are only so many things one can do when it comes to combatting scams, though, and the tips on what to do to fight back would tend to all be the same no matter what the current fraud is.

Much of what one can do is being proactive and protecting yourself before problems arise. And there is one way you can do this when filing taxes that is unique enough it is worth mentioning, though. This is signing up for an identity protection personal identification number (IP PIN) with the IRS. This will give you an added layer of security and prevent anyone from filing a fraudulent return in your name without having this number.

You can acquire this number now through November 23, 2024. After that date, the PIN system will undergo maintenance before opening again in early January 2025.

From the IRS website on how to request an IP Pin if you so choose:

The best way to sign up for an IP PIN is through IRS Online Account. The process requires identity verification, and spouses and dependents can also obtain an IP PIN if they complete the required verification steps. Once an IP PIN is issued, it must be on both electronic and paper returns.

To get an IP PIN, taxpayers should create or log into their online account at IRS.gov and follow the steps for identity verification. Once verified, taxpayers need to click on the profile tab to request their IP PIN. IP PIN users must use this number when filing their federal tax returns for the current calendar year and any previous years filed during that same period.

For those unable to create an Online Account, alternative methods are available, such as in-person authentication at a Taxpayer Assistance Center. More information is available on how to sign up at Get an identity protection PIN (IP PIN).

Warmly,

Josh Bousquet
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Recently, I have written a few times about how important it can be for business owners to not be mired in only doing things one way and remain open to new ideas and changing with the times. These writings are probably why it stuck out to me that the last full-size Kmart in the mainland United States closed a few days ago.

Now, this isn’t some giant surprise as the brand has been on the decline for decades. More than anything, this final closing made me peruse the memory files for the last time I was even at a Kmart. (And it’s definitely more than five years ago.) For us middle-aged people, though, we can still recall a time when those stores were a large piece of the landscape.

Where I grew up, we had a Kmart … and Walmart didn’t come in until I was in high school and Target was only a presence after I moved away. So yes, things change.

And do any of you remember Sears? Yep, we had one of those, too.

There are just always more examples of how you can’t rest on your laurels.

Warmly,

Josh Bousquet
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