Let’s be clear: The GOP tax planning is here to fuck us. You can see a full breakdown of the specific ways they’re going to fuck us here.
You should be very, very angry. But you can also take some action. Here are a few ways to help yourself now. (We’ll get into helping others starting tomorrow.)
1. Buy any business supplies you’ll need for a while before the end of 2016. Depending on your line of work if you’re self-employed, if you’ve been debating a new laptop or cell phone for work, Adobe products, a new tailored power suit, a new air conditioner for your office, Microsoft Office, a new hair dryer for your salon, a new guitar for your band, or a vehicle for business use, get it now. You’ll lose most itemized deductions next year for business expenses, so max those out now.
2. If you’re a teacher, stock up on supplies for the next few years. You won’t be able to deduct your classroom supply expenses under the new bill. Do it now and sock them away for the rainy day that will inevitably come under this plan.
3. Squeeze in any and all doctors’ appointments and medical procedures you can. With the healthcare repeal and inability to write off medical expenses, you want to do whatever you can before the end of the year.
4. Contribute to your retirement accounts. So far they haven’t changed the maximum contributions you can make to your 401K and IRA accounts, so stick it to this shitty administration and Congress and try to max these out, starting with your IRA. The limits are $5,500 for IRA accounts and $18,000 for 401Ks. Obviously a lot of people won’t be able to max out both, but do whatever you can, because at least that’s money you’re keeping instead of using as a lining Steve Mnuchin’s Cruella De Vil on crack wife’s newest mink coat.
5. Make a budget. You’ll need it more than ever moving forward.