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Stop, Don’t File that 2017 Income Tax Folder Away Yet.

May 15, 2018 by OSYB Staff

Now that the tax deadline has past and you are probably all done, you may have just left that tax file on the corner of your desk.  Don’t file it away yet.  The Journal of Accountancy says now is a great time for you to spend time reviewing your financial plan.  It’s also a great time because all the information is right here in front of you and even better all the complicated login information is still at your fingertips.

Information that you have in last year’s tax folder is invaluable, as the data it holds reveals your gains or losses from investments,  your sources of income, deductibles, education and healthcare costs, etc.  This data is a complete illustration of your last year’s financial picture.  So when, if not now, while you have the information and tools in hand would be more appropriate to assess your gains and learn from your losses.  You need to  work with your financial planner while you have this current financial road map in hand and last year’s pains and wins are fresh in your mind.

Now is the time to make sure that you learned from last year’s mistakes, stick with what works, reassess and define your current situation, determine your financial goals for this year and ensure that you are on the right track to meet your financial goals for this year.

Also keep in mind that in 2018 the Tax Cuts and Jobs Act will be in effect.  To help you align with the new tax breaks and for you to retain most of your income, you may be one of the many Americans that will want or need to adjust your financial plans.

“To learn more about how tax reform may affect you, read this helpful overview from the AICPA’s public education initiative 360 Degrees of Financial Literacy.” As always, please consult with your personal finance professional.

Read more:  The ideal time to review your finances

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