A new government, a new tax plan, a new world!

Have you read or heard about some of the new tax and economic policy changes for 2017? They include:

*20% Import Tax on Canadian Imports
*Elimination of 3.8% Investment Tax to pay for healthcare
*President Trump calls for Income Tax Overhaul
*ObamaCare: gone!

Yes, after eight years of tax and financial policy under President Barack Obama, our new President, is proposing (and is already implementing) a tax and financial policy which will change our U.S. economy and your pocketbook at the same time.

In simple terms, being proposed is:

*a 66% Small Business tax cut
*a 20-33% Individual tax cut
*62% Decrease in deductions & credits

What that means in simple economic terms is most individuals will have more money in their pocket to: save, spend and invest! And most individuals will see their tax refund cut by as much as 75%.

What does it mean to you!?

After all, if you’re paying less and some of your current deductions are eliminated, shouldn’t you get less back?

Income tax planning is the simple execution of tips and strategies designed to lower your tax liability, which should produce a bigger tax refund.

And with tax laws changing your tax lifestyle should change with it!

Now is the time to go back (or find another) to your tax preparer and them to put their “Tax Advisor” hat on.

You must learn to use the information from your tax return and find additional strategies to find any deduction, credit, or refund opportunity that might apply to you.

A credentialed “Tax Advisor” should now be sharing tax planning tips on:

*Maximizing your dependents
*Making sure that you’re claiming all the dependents that you can
*Minimizing Your Income
*Reducing your taxable income to reduce taxes
*Maximize your deductions and credits
*Make sure you’re claiming all the deductions and credits you are eligible for
*More itemized deductions

Let’s look for ways to increase your current itemized deductions:

*Compare your taxes from 2015 to 2016 to examine your current patterns
*How your taxes are affected when those tax deductions are gone
*Readjusting your W4 at work so you have ” just enough” TAXES coming out of your paycheck

Anthony Rivieccio is the founder and CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving 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, News12 The Bronx, Bloomberg News Radio, BronxNet, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, and The Bronx Chronicle. For financial assistance or a FREE 2016 Income Tax Analysis. Anthony can be reached at 347.575.5045

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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.