First, you are living in 2019, not 2018. As you are reading this, because tax laws took effect on Jan. 1 you want to tax change your life as soon as possible to take advantage in the change in tax laws.

Tax planning, in it’s simplest sense, is when one learns, strategizes, and executes their tax plan 2019 just before–or after “tax preparation, 2018,” so you can make sure knowing that Jan. 1, 2020 you are prepared to get a big hefty refund when you do tax preparation 2019.

It’s almost like thinking of your refund like a birthday cake. If you plan to get the right ingredients for the cake then when it is time to prepare you throw it in the oven or the microwave and it’s done. And no my friends, the oven, the microwave, even the tax preparer cannot take credit for the delicious refund you have just received. It is you (and the advisor who might have assisted you) that planned to get the right ingredients. In tax world, the right ingredients are the “tax tips and strategies.”

Now, you might be thinking, planning for what? Okay, get ready, this is just but a few examples in one does not tax plan:

1. Withholding: 
Yes my friends, one thing everyone must do is recheck their W-4 withholding to make sure their bracket at work is the same as the new tax rates by the government. According to the IRS, only 15 percent have done this. So 85 percent of Americans could be under or overpaying their taxes and will not know it until tax preparation or refund time.

2. State & Local Taxes
Yes, high tax state residents like New Yorkers now have a tricky tale. Property sales and income tax deductions are capped at $10,000 so if you paid more, no the rest is not deductible.

3. Itemizing
While I love to encourage my clients to give to charity, would it be worth it today now that the standard deduction has doubled? Note: if one takes the standard deduction, they will have less paperwork, maybe even a lower billing price upon completion but will not be able to itemize. We encourage our clients to enhance and execute new ways of tax deductibility so they can continue to itemize, probably get a higher refund and of course, using  charity as one of those deductible itemized expenses.

4. Job Expenses
Have professional or union dues? Paid for your tax or investment advisor? Did you travel to and from work? Had overnight travel? Clothing expenses? Forget it! They are now gone from the tax code. So if you did not plan in advance other ways to make up this deduction, then in theory your refund, without this and any other alternative deduction, probably went down.

So my friends, you have a very important decision in the next 30 days whether you had your taxes done or not:
Want to put yourself in your correct tax bracket, learn new strategies and be fully prepared to get a much bigger refund next year? Learn tax planning today.

Professor Anthony Rivieccio, MBA PFA is the founder and CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving ones financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, thisisthebronx.com and The Bronx Chronicle. Mr Rivieccio is also currently an Adjunct Professor of Business , Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance , Anthony can be reached at (347) 575-5045. If you would like a FREE copy of The Forbes Magazine 2018 Tax e-Guide just give our office a call. Feel free to visit their FACEBOOK Business page for past Financial Focus articles:  www.facebook.com/iwantmytaxmoney