Remain Aware

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implemented under Trump is bound to not be enough, to those who think that anything he will accomplish will need to be repealed as soon as possible.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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