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With President-elect Donald Trumps inauguration, financial experts advise folks torecalculate their spendingpatterns to meet new financial necessities.
Minutes from their December meeting show that everyone else is equally uncertain about the economys future path.
Start finding domestic replacements for your regular purchases to avoid any possible price hikes.
Cutting non-essential spending allows you to start building an emergency fund immediately.
Look at your recurring bills, such as phone plans, cable packages, web services and subscriptions.
Find better rates or cheaper alternatives to your service providers, and call them to negotiate.
Reassess Your Tax Strategy
Trumps return to office is expected to bring big changes to tax codes.
New proposals include a cessation of taxation on Social Security benefits, tipped income and overtime pay.
Given these potential changes, its time to reexamine your tax strategy.
For pass-through business owners, think ahead to 2026 instead of 2025, when the qualified business deduction sunsets.
This reduction could significantly impact estate planning for wealthy individuals.
Furthermore, the $10,000 cap onstate and local tax(SALT) deductions is scheduled to expire.
However, recent declines have occurred as bond yields have risen and inflation concerns resurface.
Given this outlook, its wise to review your investment portfolio.
Consider diversifying your holdings to mitigate risk.
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