New tax laws are significant and sweeping. To move from loss to gain, it’s time to rethink your tax strategy — especially in retirement.
When it comes to your finances, knowledge provides protection where it’s needed most. The right guidance, at the right time, can make the difference between preparing for life’s uncertainties and anticipating them.
With recent changes in tax legislation, it’s more important than ever to put knowledge to work ahead of the next tax season. This year, new tax law has gone into effect and will likely produce significant changes to your financial strategy and, especially, your retirement. There’s still time, however, to take advantage of tax-saving opportunities if you act now.
“Whatever you thought you knew about your taxes — throw it out,” said John Vance, President of Vance Wealth, certified financial planner, cdfa. “With the recent tax changes, we need to take a fresh look at everything, and adjust your tax strategy accordingly.”
The most significant change you may have to cope with is the switch to filing the standard deduction. Many people have been filing itemized deductions for the past 40 years, reaping the benefits of charitable giving, property taxes and other common tax breaks. By not filing itemized deductions, however, you’ll need to find new ways to save.
“Most importantly, you don’t want to be reactive in this situation,” warns John. “If you adjust your strategy now, you still have time to take advantage of some unique planning opportunities.”
About Vance Wealth:
Since 2003, Vance Wealth has served as a premier financial planning practice passionately committed to helping clients and families succeed at every step of their financial journey. Serving Southern California, the practice delivers innovative and comprehensive wealth management strategies precisely customized to each client’s goals and needs. Our mission is to help our clients and families work to succeed at every step of their financial journey, inspiring them to achieve more. To learn more, call 661-775-0950, email [email protected] or visit VanceWealth.com.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Any opinions are those of John Vance and not necessarily those of Raymond James. Raymond James does not provide tax services. Please discuss these matters with the appropriate professional.