It’s the most wonderful time of the year...tax time!

Actually, I dread this time of year. My husband is a CPA, so luckily I don’t have to worry about doing my own taxes, but things are a bit stressful around here, because he’s working 6 days and 60 hours a week until April 15th, and it’s a little hard on me and the kids.

Ok, pity party over now. But if you know someone who’s married to a CPA, please take the time to offer them your condolences this week.

My loss is your gain, because I picked my husband’s brain in order to bring you these tax tips this week. You’re getting an insider’s perspective from someone in the tax trenches every day.

So this week, I’m going to explain:

  • How the biggest tax law change since the 1980s - the Tax Cuts and Jobs Act might make your taxes a little different this year, and hopefully a little easier
  • How to mitigate negative surprises
  • The rule change for Roth conversions that you’ll want to understand
  • Deductions you can still take even if you end up taking the standard deduction, and
  • How you set yourself up for success by getting organized

Taxes are complicated, and the more you understand how the rules apply to you, the better you’ll understand how to keep more money in your pocket and out of Uncle Sam’s pocket.

I’ll leave you with this thought today: If you usually do your own taxes, I really do believe that you’re being penny-wise and pound-foolish. Hiring a competent tax advisor can save you time, headaches, and money. Especially this year with all the changes from the Tax Cuts and Jobs Act, do yourself a favor and outsource your taxes to a competent practitioner this year.

Thanks for listening! My name is Ashley Micciche...and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, tax cuts and jobs act, tax reform, trump tax cuts, trump tax reform summary, trump tax cuts 2018, standard deduction, standard deduction 2018

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