On This Tax Day, Filers Advised To Plan Now For Next Year
April 15, 2019
Today is Tax Day as last minute filers rush to get their tax returns in the mail today or, if needed, file for an extension.
But one local tax expert says we all really need to start planning for next year’s taxes now. Michael Foguth is with the Foguth Financial Group in Brighton. "I always tell people if you have a big refund coming, you've paid too much into the government throughout the year, so you're going to want to make some changes. There was a big tax change, the biggest tax overhaul in our tax laws in 40 years just took place, last year was the first time. This is the first time we've filed our taxes under this new tax code, so if you're getting a big refund, a few thousand dollars, you're going to want to make an adjustment on your withholding moving forward. If you're paying money, same thing, you're going to want to make an adjustment so you aren't paying money every year."
Foguth says while many people have come to rely on tax refunds to pay for things like vacations or big box purchases, the reality is that those large refunds represent money you’ve loaned the federal government at zero percent interest and it is far more prudent to sit down with a financial planner and find a way to make that money be more productive for you.
The Foguth Financial Group is a paid advertiser with WHMI. (JK)