SARASOTA – For Truvestments Managing Partner Mike Williams, it’s ‘that’ time of year again.
“You can begin filing your tax returns as early you can possibly get your tax documents,” Williams said.
If you’ve already filed, maybe you were a little disappointed with your return, or lack thereof.
“All the press about the tax bill last year made a lot of people think that it was always going to be a tax cut,” Williams said. “What really took place is depending on each person’s particular personal elements, their bills are gonna change and often, they may be larger than anticipated.”
So instead of getting that extra few thousand dollars you’re banking on, some are actually owing money to the IRS. To change that in 2020, Williams says you’ll have to adjust your withholding to save that cost.
If you were lucky enough to get a tax return, Williams says think before you spend it.
“That doesn’t mean take away all the fun, but if you got a few thousand dollars back, maybe you split it up, put a little in savings, maybe you put a little in your IRA for next year,” Williams said.
If you haven’t filed, for your sake and your CPA’s, Williams says organization is your friend.
“Have a financial plan, have a tax plan, and have someone help you advise on how to organize each of those issues, so you don’t come up with a surprise and you don’t run around on April 12th trying to put all the data together,” Williams said.
