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Will Trumps second termchange your tax refund?
Our number one cost in life is taxes.
If we can minimize that, we can deploy that money in other areas that make us money.
Thats the concept of tax planning.
What Could Change Under a Second Trump Term?
During his first term, Trumps TCJA introduced several tax breaks, particularly for small-business owners.
The House and Senate have already said, Were going to pass this,' he explained.
Theyre already in a joint committee figuring out what those tax savings will look like.
How Will This Impact Your Paycheck and Refund?
Theyre going to call ADP, Paychex and other payroll processors and say, Guess what?
The effective tax rate is now down.'
The whole table is adjusted by 2% to 4%.
Thats a big deal.
A lot of people were shocked when they got smaller tax refunds in Trumps first term.
This was because tax rates had changed, which caused their paychecks to go up a little.
So pay attention to your withholdings.
And remember, a smaller refund isnt a bad thing it means you kept more of your income.
What Should You Do To Prepare?
You dont want a big refund you want your money now, in your paycheck.
Taxpayers should stay informed and plan ahead to maximize their financial benefits under any new tax laws.
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