Financial Focus: Tax Season 2021: Are you really happy with your Tax Refund?

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By Professor Anthony Rivieccio MBA PFA

Not withstanding ” delays delays delays” over the last 3 years and 2 Administrations over the IRS processing units, this year, they are now only ” slightly delayed” as individuals are now starting to get their IRS Tax Refunds 

Are you happy!? 😳

Do you understand why it’s lower? 😳

Do you understand while it might be higher, it is only temporary? 😳

  • Government Stimulas

Many areas , from Unemployment Insurance to still receiving Government Rebate Recovery checks to the new and one time ” Child Tax Credit Advance” could definitely think your on the receiving end of both worlds- money in your pocket during the year while waiting for that big tax refund till one realizes, by poor Tax Planning— that some of the money is TAXABLE!. Sone of it, was an IRS REFUND ADVANCE!. 

  • New Laws since 2017

Since Donald Trump ” simplified” 😳😳 the tax law in 2017, many have been encouraged to take a ” standard deduction” over ” itemizing” their personal deductions. In most high tax States, like NY, that decision could cost one thousands of dollars of lost Tax Refund revenue 

So, still happy with that Refund !? 😳

Wanna get a higher one Next Year? 

Start Income Tax planning 2022 NOW

There are over 400 areas of personal and life style deductiblities & credits that one can apply to themselves, if they knew how to wrap the IRS law around their lifestyle . 

Of course you don’t know how to do it– so hire a Tax Planner to analyze your financial & tax life and do it for you.

We always mistake Tax Planning with Tax Preparation. We are processing 2021 taxes now– but it was over on December 31, 2021!. Can you do anything to make those taxes better now or when you saw your tax person for processing? NO, it is now 2022. 

I always say Tax Planning is like making a cake. If you want a specialized mouth watering one, then you will look and find those ” special ingredients to make that cake. Now after you put those special ingredients into the bowl for mixing then you put it in the oven for baking. 

That’s when Tax Planning ends and Tax Preparation begins

It doesn’t matter if your oven is new, old, Tax Act or Turbo Tax software, your ingredients go into the oven ( or software) 

Then boom, your cake is done! Did you add things like: w-4 readjustments, medical expenses, job expenses , charity, home business and rental credits as your ingredients? Oh, no wonder your cake tastes so bad– it wasn’t the oven.

Go get a  good Tax Planner to teach you those 2022 Tax Planning ingredients , now! 

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Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service  investment planning & management firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial planning & advisory firm, opened in 2021. 

Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The New York Parrot, The Bronx News, thisisthebronX.info ,  The Bronx Chronicle & The Parkchester Times. Mr. Rivieccio pens a financial article called “Money Talk” along with

 ” Financial Focus”.

Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. 

Financial Focus University TV can be seen every Friday , Live 5PM, on The NY Parrot Facebook & YouTube page channels .

 Financial Focus Digital is our new Financial Planning Facebook Library found in FB Groups.

For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My email is a_rivieccio@yahoo.com My personal page is www.facebook.com/anthonyfromthebronx

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