Most people mistakenly think that tax preparation is tax planning time. But by thinking this way, they think they could “erase” or “add” things that happened in 2019 when it is now 2020.

So in short, if you did not plan in advance, that’s why it’s called tax planning, folks! Your refund for 2019 is now complete!

But what about your refund for January 2021? After all, it’s the first week in January; don’t you think you should start planning now?

Well, if you’re smart enough to plan now for a higher tax refund in 2021 (for this year’s taxes ) then remember this: The Trump administration’s tax law has dramatically changed the landscape when it comes to both individual and business tax deductions and credits. Today, if I had to put one word to it, I would say it’s based on your lifestyle, and how can readjust and enhance it now.

We believe, briefly, that if one wants to start readjusting their tax liability and life tax style, then they should be looking into the areas of: children, self-employed and small business, itemized deductions, retirement, education, rental income deductions, and w-4 re-adjustment.

If you have a lifestyle that fits any of the categories above then you might have eligible deductions and credits.

So, for the next seven weeks we will discuss in detail, tips and strategies, in each of the above areas, to find you areas of deductibility- that will bring you a bigger tax refund in the future.

Next week: Children.

Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s 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 Co-Op City News, The Bronx News, thisisthebronX.info and The Bronx Chronicle. Mr . Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. Financial Focus Interactive is now an app and a place where one can: Read, Listen, Watch Talk & Learn about Financial Solutions with like minded people and a live financial advisor. Financial Focus Interactive app can be found on the Google Play Playstore or on or internet app at: https://www.financialfocus.app For financial assistance, Anthony can be reached at (347) 575-5045.