Tax season is stressful. And statistics prove it, with the American Psychological Association reporting that 28 percent of adults say high taxes are a source of stress, and one in three say they feel stressed about tax increases. Those looking to navigate the stressful complexities of tax in Canada may want to head to this site to reach out to tax lawyers who can help make sense of it all and give you peace of mind and assistance when it comes to tax planning, audits, voluntary disclosure, and more. And with the new tax regulations approved in late December 2017, anxiety is running high as people try to understand what these changes will mean for their bank account and financial goals.
“The tax law has a ton of new provisions that will affect individuals and corporations in new ways,” says A.J. Salvetti, a CERTIFIED FINANCIAL PLANNER™, Chartered Retirement Planning Counselor?, and managing partner at The Salvetti Group. “There isn’t any one thing that is going to affect our clients. It really is a very individual thing for every person.”
The new regulations do away with personal exemption deduction entirely, which allowed people to deduct $4050 for him or herself and each of their dependents in the past. There are also changes to mortgage interest deductions and stricter guidelines on IRA management.
Because the impact of these new tax regulations will affect everyone differently, A.J. encourages people to consult a financial planner rather than try to navigate the changes and potential impacts on their own. With expert help from a Financial Advisor Wollongong, or somewhere more local to you, you will be able to determine what your financial goals are, coordinate an approach with other advisors, and implement any changes in your financial strategy.
A.J. emphasizes the importance of evaluating each person’s situation, goals, and concerns individually without making broad, generalized assumptions of what these changes might mean.
Financial goals are highly individualized and will vary greatly depending upon factors such as income, age, education goals, family, and retirement plans. If you don’t have a clear idea of what your financial goals are, it is difficult to optimize your wealth management. Consider both short-term and long-term goals, and always look for a professional wealth management company if you need any extra help and advice in this area.
After you have a clear understanding of what you hope to achieve, you can begin to coordinate a financial strategy that will best utilize your assets. It is important that any and all financial or investment advisors are involved in this process to make sure no assets have been overlooked.
Implementing your financial strategy may simply mean adjusting your current approach, or it may require a more in-depth overhaul. If you are proactive, you should find that the new tax rules have a negligible impact on your financial goals.
“[The tax bill] isn’t going to stop people from reaching their goals, but I think it’s just one more step of planning that needs to be done,” A.J. says.
For More Information:
The Salvetti Group Family Wealth Advisors
4633 Quail Lakes Dr., Stockton
641 Fulton Ave., Ste. 102, Sacramento
(916) 414- 8282
Any opinions are those of A.J. Salvetti and not necessarily those of Raymond James. CFP Board owns the CFP® marks in the United States. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. The Salvetti Group Family Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.