Good ole Ben Franklin once said “in this world nothing can be said to be certain, except death and taxes.” We tend to think the man might be onto something because from our standpoint, we’re pretty certain that taxes will always be there for everyone. Luckily, for us anyway, that’s good since our industry is all about bookkeeping and taxes.
Taxes are all about revenue and not personal preferences.
Whether you’re a person who likes to vote blue and pull for the left wing, known as the Democrats, or you’re a right wing conservative Republican, neither party will be able to rid us every day Americans from taxes. The same can also be said for those who don’t claim a party and go the ole independent route. Taxes may make us all groan and moan and ultimately be the buzzkill at any party, but they are indeed a necessity for our civilization.
We all know that part of our paychecks go towards paying for Medicare and Social Security, but taxes also pay for things like road maintenance, trash pickup, and bigger things like our defense against enemies foreign and domestic. These tend to be things that we need to keep the way of life we’re accustomed to, so to some capacity, it’s good to pay taxes.
Now some states vary in the amount of taxes and fees that are charged. For instance, California has the highest income tax whereas Tennessee has the highest sales tax. Either way, though, the taxes are made up elsewhere in some capacity so basic civilization can continue on. Therefore, rest assured that no matter what happens when a new president has been elected, your 2016 taxes shouldn’t change too vastly.
There may be changes by the time 2017 rolls around, but that’s to be expected from time to time. The economy, that beast of thing that is pretty much its own entity, fluctuates like the seasons, as does politics, and sometimes taxes have to change. As they say, it’s the nature of the beast.
But for those of you who are worried about how your tax return may be affected because there’s a new president in charge, try not to worry too much. There are probably bigger things going on, like higher gas prices, to worry about than your 2017 tax return.
If there are any changes in tax law, however, we’ll be sure to let our clients know about it and how the change(s) may affect them, so fear not! After all, it is our job to navigate the tax rules, laws and regulations and help out our clients as best we can.
Have no fear! What we know to be true, is that taxes will still exist and we’re here to help you navigate them by April.