On Tuesday, the Trump Administration increased some Canadian imports by 20 percent. In simple terms: a tax increase.

Soon, the Trump Administration will unveil their Tax Proposal to Congress, where they claim you can do your taxes on a postcard:

You know why? They are considering lowering or eliminating many deductions while lowering individual taxes by 33 percent and corporate taxes by 66 percent.

Question: How do you expect to get a bigger refund in the coming years when we are about ready to have a 360 percent on tax policy, scheduled to apply this year?

President Donald Trump calls his tax proposal the “biggest change of tax policy since the Ronald Reagan Administration.”

To summarize:

Now, especially in the world of a new administration after eight years, is a perfect time to learn how to adjust your tax lifestyle, lower your tax liability and prepare for a higher refund for next year.

Tax planning is simply learning and executing on tips and strategies, all designed to lower your tax liability, which is supposed to give you more of a refund.

But, if we can do future taxes on a postcard, then I guess there aren’t too many tips and strategies, huh?

Relax! We live in a democracy. Too many interests will fight (and thus allow) to continue deductions that include college, homeownership, job and charity deductions. But could these rules now be “harder” to execute? Possibly.

The tax rate that you apply to yourself at work (through a W4 form), we would suggest, would also seriously have to be adjusted. After all, if a tax refund is nothing but an overpayment, and your contribution to the US government goes down 33 percent, then your future tax refunds can go down by 33 percent as well, right?

So, what can one do to get back that 33 percent of a tax refund? Well, that’s called, “income tax planning.”

So whether its through a class, workshop, a consultation or tax review with your preparer, start today. After all, your 2017 refund is based on the events of 2017.

Anthony Rivieccio is the founder and CEO of The Financial Advisors Group, celebrating its 20^th 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 2017 Income Tax Analysis. Anthony can be reached at 347.575.5045