I’ve been a CPA for long enough that I’ve seen plenty of big changes in tax law. People react one of two ways to the changes.
They plan ahead. Learn from tax advisors who have up-to-date information, put together strategies and get them implemented way in advance so they pay the least tax.
They do nothing. Pretty much, they just hope it won’t be that bad, out of sight, out of mind.
The first group, the strategic planners, will ALWAYS pay less tax.
The second group, at best, pay too much tax once. Hopefully, they learn about what went wrong and get it corrected right away. That way they pay too much tax only once. But, sadly, that group often just blames the tax preparing for “preparing my taxes wrong” and looks for another tax preparer. The problem with that approach is that you never fix the problem. The process of preparing a tax return is called compliance. It’s simply reporting what happened. There is very little strategy, other than making sure you don’t do something stupid that creates an IRS red flag so you get audited. But as far as implementing a strategic change in how you make money, so you’ll pay less tax. Well, this isn’t it.
You have to plan AHEAD of time.
If you’ve been following the blogs at USTaxAid.com for the past 4 months, you’ve gotten some hints about the big changes coming your way.
The best thing you can do is pick up “Taxmageddon 2018” when it is available. We’ll begin pre-orders this next week. The “First Look” edition is only available in eBook format at the USTaxAid.com website. In about 6 weeks, the next edition will be available through Amazon in print or through Kindle.
Whether you buy this book to learn about the right strategies for you, read the Tax Law yourself or rely on the advice of experts, please don’t wait. Failure to plan can be very expensive.