#366 Taxes – Looking Forward

A Different Tax Year

Happy tax week! It’s not a happy week for most but it’s a necessary week. We want to do everything we can to help our clients and anyone that may need the advice. In honor of it being tax week, we wanted to talk about some of the changes this year. A lot of people will be seeing a different tax return than they expected. Roughly two-thirds of tax filers this year will have paid fewer taxes in 2018 than the previous year, 2017, due to the tax reform. Some people will be receiving a much greater than expected refund, some people will be receiving less of a refund and some will be owing more than expected.

What Next?

What should people do if they get a refund this year and what should they change going forward? There are two things to keep in mind if you’re receiving a refund. This can be a good chance to jump-start your savings for 2019. However, if you owe a lot or aren’t getting back as much as you would like, it’s still early in the year. Now is the time to adjust your withholdings in order to prevent the same thing happening to you when you go to pay your taxes for 2019 and 2020. There were a lot of changes to tax laws and since tax season is over and tax professionals have more time to spare, it might be a good idea to set-up an appointment to look over everything and see what changes are needed going forward. Also, you can meet with your employer to change the withholding on your paycheck. We don’t give tax advice but want to help advise our clients and their friends and family to make these adjustments now before they become a problem in 2019 and 2020. If you had an issue this year it will likely only get worse as things grow and evolve moving forward if not addressed as needed. Look at your taxes and talk your tax professional and employer if you see a need to make a change sooner than later.


Trey Booth, CFA®, AIF®
Senior Vice President
Wealth Consultant
Email Trey Booth here

Jay McGowan, CFP®, CPA, PFS
Senior Vice President
Director of Financial Planning
Email Jay McGowan Here


Fi Plan Partners is an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.

This information is not intended to be a substitute for individualized tax advice. Please consult your tax advisor regarding your specific situation.

Economic forecasts set forth in this presentation may not develop as predicted.

No strategy can ensure success or protect against a loss.
Stock investing involves risk including potential loss of principal.

Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.

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