RTS #075 Hurry up and wait

Another election is in the books. Whether you feel like you won or lost, remember that there are more important things to life than politics or taxes.

However, since you are here for relevant tax stuff I’m still going to talk about taxes and since both candidates have talked about what they would do on taxes for months now I’ve got one piece of advice on tax planning based on who won: WAIT!

Regardless of how much of what they promised does or doesn’t actually become reality, tax law changes take time. Tax planning is about making the best decisions we can based on the information we have today and the rules as they are currently written. I haven’t seen anything that makes me want to run out and change client tax plans before the end of 2024, and I’m not changing anything for 2025 until we actually have the slightest clue about what will or won’t change.

That doesn’t mean I’m doing nothing. It means I’m going to keep doing what I was before, helping clients consistently take action over time to sand the rough edges off their lifetime tax bill and not get killed on taxes.

I will 100% be paying attention to what gets proposed and how everything shakes out and will do my best to keep you all updated, but the election did not change the fact that I am taking a long-term, consistent approach to how I save my clients money on taxes.

Happy Tax Planning!