As I said a few times at the end of last year, it looks all but inevitable that there will be some tax changes coming with the new Trump administration. There are many good guesses at what this could involve since we have seen what Trump pushed for in the tax reform arena during his first term, as well as what he has expressed as hopes since. None of this, however, means that anything is a slam dunk.

I also appreciate that politics can be a super-heated area for many. This comes from both sides, too, from those who may think that whatever can be implemented under Trump is bound to not be enough, to those who think that anything he will accomplish will need to be repealed as soon as possible. And there are bound to be good arguments on both sides, as well, as what much of these debates come down to are extensions of economic discussions that have been carried out for decades.

The heat that many feel, though, still can’t be denied and with that some people have chosen to limit how much political news they expose themselves to for their own mental health. And if this is something that makes you feel better overall, it is something I fully support.

When it comes to questions about taxes and your own finances, though, I would like to caution these people, though, that it moves things into areas where you may want to put some attention. This does not have to involve any partisan discussions, just if tax laws are passed, then there’s a good chance it will change what you were expecting to see at the end of your tax return.

Whether or not you agree with policies that are passed, we become obligated to follow them. We are not allowed to file the tax return we wish we could, but rather must file the one that is legal under the current rules. Whether or not you agree with what was passed then, it does you well to know what it was because they could result in a final tax return number that is thousands of dollars different than what you expected – which could either be a very good or a very bad thing.

Either way, preparation is key when it comes to tax returns for it helps avoid surprises. By knowing what’s coming, you can claim a little personal power and do something good for yourself while still keeping the distance you need for personal health. We should embrace all the things that are good for us. 

Warmly,

Josh Bousquet
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As we enter the period of resolutions, I am going to leave aside any talk of how likely they are to succeed or how one can increase their choices of doing so. No matter what those numbers say, we all understand that it can be difficult to bring them to fruition. We also all understand, though, that what it comes down to is that people are trying to better themselves, so it’s difficult to ever call that a bad thing.

Just as what one would like to accomplish through a resolution is a personal choice, so is what can keep us from accomplishing them. I think most of us have felt that we have failed at some things in life because of lack of will, but there are other times when life comes at us too much from other directions and what needs more attention to reach that end goal could no longer receive it.

So let this instead be a note of congratulations on anything you accomplish as you move along these journeys. Victories do not only occur at some ultimate endpoint that looks ever distant at the start. Counting the wins along the way is also necessary and worth celebrating and there is nothing that says you can’t pick up from that point in the future (and not only when the calendar changes the big number at the top).

Happy New Year!

Warmly,

Josh Bousquet
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We here at TSBAS just wanted to take the chance to wish you, your friends, and your family a wonderful holiday season. May this come for you in whichever form you choose to celebrate (even if in the end that turns out to be a low-key almost non-celebration). Everyone deserves what makes them feel best and we like embracing all chances to cheer you on toward where your happiness lies.

The only thing we will ask is that you hold onto this and remember how much we do care about your general wellbeing over the new few months – you know, the tax season, when we end up not always being everyone’s favorite.

But for now – Happy Holidays!

Warmly,

Josh Bousquet
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Since last month, it has been impossible for me not to address how to handle the idea that tax changes are bound to be on the way with the incoming second Trump administration. I have cautioned that much of this is up in the air, though, which makes it impossible to address things concretely and give definite takes on what one should be doing to use these changes to your best advantage.

This week, I want to give an example of just how wide a canvas these things could cover, and they may cover areas you did not envision – again, making any specific and definite course of action difficult to recommend.

A group of House Republicans has called on President-elect Trump to end the IRS’s Direct File program, possibly even on his first day of office. This does not address tax policy, per se, but the Direct File program was piloted early this year to allow some taxpayers to file their federal tax return online for free directly with the IRS

The politics of this are a little messy and would deserve a space larger than this to really work through – we are talking about arguments that go from this is being implemented as a way for the government to monitor people’s finances, to it’s just a simpler and cheaper way for people to report the same information the IRS is getting anyway, to it is a weaponization of government, to saying there are people who want to weaken the agency because it could be personally beneficial.

And no matter where that debate ends or what actions it could result in, by itself it would not alter the number at the end of your tax return. So this could be argued as having essentially nothing to do with taxes at all

This clearly is something else that has no recommendations attached to it. It does, however, display how much could be in play over the next few years. And with so much moving around in this miasma of what could be, it can create a larger feeling of wanting to personally do something - all these things are happening, I must get in on it! This is an area, though, where there really isn’t much you can do that would benefit you until some of those other actions take place. So instead, let’s use the holiday season as a reason to take a breath for now anyway.

Warmly,

Nicole Odeh
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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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