Urgent money opportunity!

No, not a scam.

This may actually be an opportunity for you.  The latest tax changes have passed and will take effect in 2018 (mostly). If you act quickly, there may be some 2017 tax planning opportunities that will save you more money this year than next!  (We’re providing general advice here, please check with your tax adviser for your specific situation).  By act quickly, that means by 12/31/2017.


Tax rates – generally going down next year, meaning that deductions are worth more this year than next.

Standard deduction – going up next year, meaning you need more deductions to obtain any benefit from a Schedule A deduction.

These two may add up to a planning opportunity for you this year.

Charitable scenario

Hypothetically, maybe you are a retiree or near retiree that has charitable goals or commitments. You’re trying to make the world a better place, but you don’t want to squander cash. If, based on your tax advisers’ analysis, you make your 2018 gift now in 2017, you may get a bigger deduction (and lower taxes/bigger refund) on your 2017 return, and the charity likely won’t care if they get the 2018 gift a little early.

Stock loss scenario

Also hypothetically, maybe you are a retiree with some stocks that have losses. If, based on your tax advisers’ analysis, you sell and take a 2017 loss, that will mitigate more taxes than the same action in 2018. And, your tax adviser may tell you that if you really love the stock that had a loss, you can buy it again after 60’ish days. Or, your tax adviser may tell you that it will give you the cash to make that charitable gift (above). So, give your tax adviser (and you!) a holiday season gift by calling them tomorrow!

Actions you can take include:

-Call your tax advisor and analyze your 2017/2018 planning opportunity.

And if you have not seen the “Why you should read this blog…WIIFY” post, it’s here https://nosurprisesretirement.com/2017/07/09/first-blog-post/

Questions, comments, or suggestions for retirement surprise areas you want to know more about?
-Leave a comment
-Use ‘Contact’, above, to send an email.

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