In this episode of Simplifynance, host Rachel Stewart and co-host Nathan Ollish discuss this year's tax season and what we can do to prepare.

Show Notes:

• 1:00 – Proper documentation needed before you get started
• 1:20 - The role taxes play in financial planning
• 1:43 – 2018 Tax Reform: Taxs Cuts & Jobs Act
• 2:00 - Key tax changes that are going to apply, with our generation in mind
• 2:13 – Lowered taxed brakcets, increased standard deduction and limits to a 401k
• 3:30 – Health Insurance – individual mandate eliminated in 2019
• 4:00 - Why Nathan and Rachel choose to do their own taxes
• 4:30 - The benefits of having a CPA prepare your tax return for you
• 6:20 – Some tax forms generally don't get mailed out until February
• 7:00 - Make sure you have all documentation before filing

3 Key Points:

1. Though we can do our taxes ourselves, relying on a CPA is ideal as life gets more complex.
2. Taxes play a big role in financial planning, but a financial planner is not to be confused with a tax professional, such as a CPA
3. There have been major tax changes that we need to take into consideration this year.

Tweetable Quotes:

- "Sometimes as financial advisors, we can get confused with tax professionals. While we don't specialize in tax, taxes play a huge role in planning." –Rachel.

- "The major change with tax cut - 1. Lowered tax brackets 2. Increased standard deduction 3. Increased 401k contribution limits " –Nathan

Resources Mentioned:

• simplyfinance.com

• Contact Information:
• Rachel Stewart
• Nathan Ollish, CFP