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 Connect to Us ~ Facebook ~ Twitter To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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