With the 2026 midterm elections approaching on Nov. 3 and tax season already in full swing, it’s worth wondering how potential political changes could affect your finances — and your taxes.
While the outcome of the midterms remains uncertain (as does their impact on your finances), MassMutual has proposed a handful of proactive tax steps you can take to be more prepared when Election Day comes around.
Taxes are one of the most hotly debated issues in nearly every election cycle — midterm or otherwise. Understanding where you fall on the tax spectrum can help you better evaluate how each party’s proposed policies might affect your bottom line.
Taking time to review your income, deductions and overall tax picture can also position you to make more informed decisions about saving, investing or accelerating income and expenses before any potential policy changes take effect.
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Your net worth is an overview of your overall financial health. By calculating your assets and liabilities, you can find where you’re vulnerable and where you’re well-positioned.
This can be especially helpful during financially uncertain times such as these, allowing you to see how potential tax policy changes could impact your long-term goals, and then adjust accordingly.
Election cycles can bring volatility, unpredictability and strong personal opinions, yet financial decisions are best made with an objective financial professional who can keep you focused on long-term goals, can understand potential tax policy changes, and help you avoid knee-jerk decisions made by political headlines. A tax professional can offer you a solid plan and expert guidance, no matter how chaotic the political landscape becomes.
Making these three smart tax moves before the midterm elections will allow you to make informed and thoughtful tax choices that can keep your finances on track through election season — and beyond.
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This article originally appeared on GOBankingRates.com: 3 Smart Tax Moves to Make Before the Midterm Elections
