Don’t Overtax Yourself & Do It Now
by Stephanie Maloney
The new tax legislation will necessitate adjustments for many people dealing with alimony payments-both paying and receiving.
When you start to factor in things like tuition and college debt you get a sense of where your strategy needs to shift in order to maintain sufficient protection for your assets.
Your tax advisor is going to be swamped with requests from people worried about the deductions they have relied upon for some real relief before April 15Th. You can get a head start by assembling whatever (receipts etc.) you posses as well as your various investment and interest 1099’s and charitable contributions.
The more you can do before the tax appointment is more time the accountant can take to make certain you get all the deductions you are entitled to receive. You may even need to change your W-2 status to match the new money dynamics of the altered tax structure.
If you do need to make some changes it might maximize the process to do it as soon as possible. We’ve worked with some great advisors if you need some referrals.