I need to start this conversation with a huge thank you to my “client family” for your loyalty and patronage in 2016. Tax season can be tiring but seeing the familiar faces of long time clients return each year makes our job very rewarding. As always, our focus is on relationships and providing the best possible outcome through preparation and planning. Although change is in the air, there are very few tax changes this year, at least not yet. Tax simplification is on the agenda in Washington. We will have to wait and see what that brings but this may be a good opportunity to bring about positive change from an individual planning perspective.
As I put my house in order after the holidays, I thought I would share with you some tips about how to get your house in order in 2017. I would like to share my top planning tips for all clients so you can add them to your resolution list now.
- Use your retirement plan.
Pensions are almost extinct and this is the most powerful way to reduce you tax bill. We can assist you in demonstrating the best way to do this and simulate the return to show you the results under different scenarios when you follow up with planning.
- Prioritize your financial goals.
Maybe you can’t do everything at once but we can assist you by developing a process to chip away at your goals like educating your children, paying off loans, and preparing for needs now and later and you will make progress towards a secure and abundant future.
- Make sure you have made provisions for the unexpected.
If you have not little or no estate planning, we can point out the most important considerations and make sure you are ready for the unexpected.
- Talk to your young adult children.
Everyday I meet young people with advanced degrees that have no idea how much they need to save for the future. Starting early makes a huge difference so if they won’t listen to you (and what kids do listen to their parents, your not alone) send them to us!
- Match your income with your expenses.
If you are within a decade of retirement, or maybe already there, we can help you compare your resources to your income needs and make tax efficient suggestions to help you maximize sustainable retirement income.
Share important information with other family members. Too often a parent falls ill and the burden is on the family because they have little or no information or long-term care plans. These conversations are not always easy but we often act as a third party opening up conversations for families and assisting to organize a plan.
These are just a few of the many topics we routinely help clients navigate all under the premise of tackling taxes! So, not to sound cliché, but we really do plan, not only process, that is our biggest value proposition to you so please take advantage of our expertise and let us help you get the very best result.
– Julia Brufke Wenger
