Financial Focus: Water the plants & get a better Tax Refund through Tax Planning?

By Professor Anthony Rivieccio MBA PFA

I was talking to a friend of mine recently that said, ” it must be light in the office , now that tax preparation is over”?. I knew she was a gardener, so I asked her, ” when do you do your gardening events”? She indicated ” the summer time”. I immediately asked her, ” and when do you prepare”? She said ” the spring”. I said ” exactly, Taxes 2021, coming in Spring 2022, were quite busy, were preparing , now”

And while we’re preparing, as an office, for tax preparation ( new forms, software, etc), you , the consumer, should be preparing for ” tax planning”, now.

After all, 2022 , will be here in a minute- and do you know all the tips and strategies that you would apply to your 2022 income that will make your 2022 tax refund, wonderful?.

While there are over 4000 deductible areas in ones life that one should learn and consider, it really breaks down into 4 areas on the tax code: Exclusions, Above the line deductions, below the line deductions , Tax credits.

I always say , tax planning is like making a specialized birthday cake. Firstly, you don’t want a cake in a box. You want to personalize it and get the best ingredients for a wonderful cake. The tax deductions and credits represent the ingredients. So when you stir the batter in the bowl ( tax deductions) and then put the batter in the oven ( tax preparation) then your birthday cake will not only be special and smell wonderful, it should also be big and taste delicious. Was it the oven? No! It was the specialized tax deductions and ingredients. What happens if you don’t plug in enough ingredients? Or the wrong ones? Or ones that have, spoiled? Again, it’s not the oven ( tax preparation).

So with only weeks away to a new year we are in the middle of both, preparing for 2021 tax preparation but more importantly,talking with our Clients about 2022 income tax planning, perfect to learn and start, now!.

And being a new virtual company , we are teaching, both , our existing clients & New ones, tax planning lessons, through digital tools like: TV programming, Educational classes and invitation only LIVE webinars. We are in the middle of finalizing our new Financial Focus Learning Center, available for launch , November 28th, 2021. Until February of 2022 we are focusing our tools toward “2022 Tax Planning”.

And No, our learning center is not a ” public” domain but a ” private ” one. Experiencing all of your tools right in your own email. So, if you would like a brochure of our learning center feel free to contact me below.

But whether you do or don’t, remember this!. 2021 is almost over. It’s almost time to take your ingredients, to the oven ( tax preparer) in the Spring. Have you implemented 2021 deductions for a 2021 tax refund this spring? Sadly, 70% of Americans will be eating their birthday cake with spoiled milk or lack of ingredients, in the Spring based on past history. Be that 30%!. Even if you may not be prepared your 2021, there is no reason not to be ready for 2022?. You have 6 to 10 weeks. Start now!, just like my friend, the gardener!.

Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service financial planning & investment firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial 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 also pens a financial article called “Money Talk”.

Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My personal page is www.facebook.com/anthonyfromthebronx