• Several tax provisions connected to the Tax Cuts and Jobs Act were expected to expire after 2025, but new legislation changed the timeline and introduced additional rules beginning in 2026.
• Key updates include inflation-adjusted tax brackets, a higher standard deduction, new charitable deduction rules, and updated reporting thresholds that may affect how income is taxed and reported.
• Planning ahead by timing income, reviewing estate strategies, and coordinating with your CPA can help you use the current rules more effectively before future tax changes reduce flexibility.

What the TCJA Sunset Originally Meant

When the Tax Cuts and Jobs Act (TCJA) was passed in 2017, many of its provisions for individuals were written with an expiration date. The law lowered tax rates and expanded several deductions, but those changes were designed to last only through the end of 2025 unless Congress acted to extend them.

Because of that built-in expiration, tax professionals and financial planners spent years preparing for the possibility that the tax code would revert to older rules in 2026. For households and business owners, that potential shift created a window where planning ahead could significantly affect long-term tax outcomes.

The Original 2026 Expiration Timeline

Under the original TCJA framework, several major provisions were scheduled to expire after December 31, 2025. If nothing had changed, the tax system in 2026 would have looked very different.

Key provisions that were originally set to sunset included:

• Lower individual income tax rates, which would have reverted to higher pre-2018 levels.
• The larger standard deduction, which would have dropped roughly in half.
• The expanded child tax credit, which would have been reduced and subject to different eligibility rules.
• The 20% Qualified Business Income (QBI) deduction for many business owners would have disappeared.
• The historically high estate and gift tax exemption would have fallen significantly.

What Changed With The 2025 Tax Law

For several years, the tax planning conversation centered around would happen when the Tax Cuts and Jobs Act provisions expired after 2025.

In 2025, lawmakers revisited those provisions as part of a new tax package that reshaped the timeline for many TCJA rules. Instead of allowing the entire framework to expire, Congress extended or made permanent several of the most widely used provisions affecting individual taxpayers and business owners.

That change removed the immediate “tax cliff” many planners had been anticipating. However, the updated legislation also introduced new provisions and adjustments that begin taking effect in 2026 and beyond.

The Tax Changes Taking Effect In 2026

Even though many TCJA provisions were extended or made permanent, several important tax rules still evolve beginning in 2026. Some changes are the result of annual inflation adjustments, while others come from updates introduced in the 2025 tax legislation.

Understanding these shifts helps you anticipate how your tax situation may change and where planning ahead can still create meaningful opportunities.

Updated Tax Brackets And Standard Deduction

For the 2026 tax year, the IRS increased the standard deduction to account for inflation:

• $32,200 for married couples filing jointly
• $16,100 for single filers
• $24,150 for heads of household

The tax brackets themselves remain the same structure created under the Tax Cuts and Jobs Act, but the income ranges for each bracket shift upward each year with inflation.

For many households, this means a slightly larger portion of income may remain in lower marginal tax brackets. Even so, income timing decisions such as bonuses, equity compensation, or Roth conversions can still affect how much of your income falls into higher rates.

Higher State and Local Tax (SALT) Deduction

One of the most noticeable changes affecting taxpayers in 2026 is the expansion of the federal deduction for state and local taxes (SALT). Under prior law, taxpayers who itemized deductions were limited to deducting only $10,000 of combined state income taxes, property taxes, and certain other local taxes.

Beginning in 2025, and continuing into 2026, that cap was increased significantly to $40,000 in 2025 and $40,400 for 2026. This change is a relief for taxpayers in higher-tax states like California or for homeowners with substantial property tax bills, as it allows a larger portion of those taxes to be deducted when itemizing.

Unfortunately, the benefit begins to phase out at approximately $505,000 of modified adjusted gross income (MAGI). For taxpayers above that threshold, the allowable SALT deduction is reduced by 30 cents for every dollar of income above the limit, until it reaches the minimum deduction of $10,000.

Because the expanded deduction phases out at higher income levels, tax planning around income timing may become more important. Taxpayers near the phase-out threshold may benefit from strategies that manage or defer income in a given year, such as retirement plan contributions, timing of capital gains, or coordinating the exercise of stock options. 

In some cases, spreading income across multiple tax years may help preserve more of the SALT deduction. As always, the potential benefit of these strategies should be weighed against broader financial and tax planning goals.

Estate And Gift Tax Exemption Changes

The federal estate and gift tax exemption also increased in 2026. The amount individuals can transfer during life or at death without federal estate tax is now $15 million per person, or $30 million for married couples with proper planning.

While this exemption makes federal estate tax a non-issue for most households, it still plays an important role in planning for families with significant assets, business ownership, or concentrated real estate holdings. It’s also important to remember that state estate or inheritance taxes may apply at much lower thresholds depending on where you live.

New Charitable Deduction Rules

Beginning in 2026, charitable deduction rules become slightly more restrictive for taxpayers who itemize. A 0.5% of adjusted gross income floor now applies, meaning charitable donations are only deductible to the extent they exceed that threshold.

At the same time, a new deduction allows taxpayers who do not itemize to deduct a limited amount of charitable contributions. Non-itemizers may now deduct up to $1,000 for single filers or $2,000 for married couples filing jointly.

These changes may influence how donors approach strategies such as bunching donations or timing larger gifts.

Changes To 1099 Reporting Rules

Starting in 2026, the reporting threshold for payments made to independent contractors increases. Businesses now issue Form 1099-NEC or 1099-MISC only when payments exceed $2,000, up from the previous $600 threshold.

This change mainly affects freelancers, consultants, and individuals with side income. However, it’s important to remember that all taxable income must still be reported, even if a 1099 form is not issued.

Temporary Tax Deductions That Won’t Last Forever

Alongside the broader tax law changes, the 2025 legislation introduced several new deductions that are temporary. Most of these provisions apply from 2025 through 2028, which means they create a limited planning window.

These deductions are tied to specific types of income or expenses, which is why taxpayers who qualify can benefit from understanding how they work before they expire.

Deduction For Tips

Workers who receive tips in traditionally tipped industries may deduct the maximum of $25,000 of qualified tip income per year from federal taxable income.

This deduction starts to phase out for taxpayers whose modified adjusted gross income exceeds:

• $150,000 for single filers
• $300,000 for married couples filing jointly

Tips must still be properly reported to employers, and payroll taxes may still apply.

Deduction For Overtime Pay

Employees may deduct up to $12,500 of qualified overtime income or $25,000 for married couples who file together.

Like the tip deduction, this benefit phases out once income exceeds:

• $150,000 for single filers
• $300,000 for married couples

The deduction only applies to the overtime premium portion of pay, not the full overtime wage.

Car Loan Interest Deduction

Taxpayers can deduct up to $10,000 per year of interest paid on qualifying auto loans.

Key rules include:

• The purchased vehicle must be new and assembled in the United States
• The deduction phases out for higher incomes
• The vehicle must be purchased for personal use

Because auto loan rates have increased in recent years, this deduction may provide meaningful relief for buyers financing a vehicle.

Additional Senior Deduction

Taxpayers age 65 and older can claim an additional deduction of $6,000 per person. The deduction gradually phases out when modified adjusted gross income rises above:

• $75,000 for single filers
• $150,000 for married couples

The deduction is available whether taxpayers itemize or take the standard deduction, which makes it broadly accessible for retirees.

Planning Strategies To Consider Before Rules Tighten

Tax law changes create planning windows. The years before the rules shift are often when you can make the most effective decisions, especially when it comes to income timing, charitable giving, and estate planning. 

Here’s what you can do:

Consider Timing Income And Deductions

If you expect tax rates to rise in future years, it may make sense to recognize income sooner, such as realizing capital gains, exercising stock options, or completing Roth conversions while rates are lower. In other situations, accelerating deductions into the current year can help reduce taxable income.

These decisions depend heavily on your broader financial picture, but thoughtful timing can help you take advantage of the current rules before they change.

Revisit Charitable Giving Strategies

Some households benefit from combining several years of donations into one year to exceed the standard deduction and receive a larger tax benefit. Others may consider donating appreciated securities instead of cash, which can avoid capital gains tax while still allowing a full charitable deduction.

Charitable giving can support causes you care about while also playing a role in tax planning when structured thoughtfully.

Review Your Estate Plan

The estate and gift tax exemption remains historically high, but it is scheduled to drop significantly unless future legislation changes it again.

That makes the current environment an important window for families with larger estates to revisit their planning. Strategies such as lifetime gifting, trust planning, or family transfers may allow you to use today’s higher exemption levels before they potentially shrink.

Even if your estate is well below current thresholds, reviewing beneficiary designations and overall estate documents periodically is still a good practice.

Coordinate With Your CPA Early

Many of the most effective tax strategies require planning before the end of the year, not after. Waiting until tax season often limits what can still be adjusted.

Working with your CPA or financial planner early in the year allows time to evaluate options such as income timing, retirement contributions, charitable planning, and estate strategies while they can still make a difference.

Tax laws will always evolve. Coordinating with professionals before deadlines approach gives you the best chance to make the rules work in your favor.

Tax Rules Change, but Good Planning Doesn’t

Tax laws evolve constantly. Rates adjust, deductions come and go, and new provisions appear while others quietly expire. What matters most isn’t predicting every change but building a strategy that adapts as the rules shift.

The changes taking effect in 2026 highlight that planning ahead creates options. Whether it’s timing income, structuring charitable giving, reviewing your estate plan, or taking advantage of temporary deductions, thoughtful planning can help you reduce taxes while keeping your broader financial goals intact.

The earlier you start those conversations, the more flexibility you usually have.

If you want help understanding how these tax changes may affect your situation, I invite you to start with my short questionnaire. It’s a simple way to share a bit about your financial picture and see whether working together could help you make smarter tax decisions in the years ahead.

• With the right mix of tax-deferred and tax-free accounts, you can lower your taxable income today while creating more flexibility for the future.
• The structure of your business and how you track legitimate expenses can meaningfully reduce how much of your income is taxed each year.
• When you plan for capital gains through timing, gifting, or exchanges, you can turn major transactions into long-term opportunities to pay less tax.

Understanding How Taxes Work

Before you can find real ways to pay less tax, you have to understand how the system works. A lot of people assume that earning more automatically means paying dramatically more in taxes, but that’s not really how it works. Once you see how it truly works, you can make better decisions without fear of an unexpected bill.

The Power of Marginal Tax Brackets

One of the most misunderstood parts of our system is the marginal tax bracket. Many people think that if they move into a higher tax bracket, they have to pay a higher tax rate for their entire income. That’s simply not true.

We use a progressive tax system, which means your income is divided into layers. Each layer is taxed at its own rate. Only the next dollar you earn moves into a higher bracket.

For example, if you earned $120,000 a year, this is how your tax picture would look:

In this example, you would pay a total of around $21,650 in taxes. That means your effective tax rate (the average you actually pay) is about 18%, not 24%.

Understanding this helps you stop making fear-based decisions like turning down a raise, new consulting work, or a bonus because you think you’ll lose it all to taxes.

Once you see that only part of your income is taxed at those higher rates, you can focus on opportunities that grow your income and use strategies like retirement contributions or timing deductions to manage your overall tax picture more effectively.

Why Context Matters More Than Income

A $200,000 salary and $200,000 in business income can produce very different results. Employees earn, pay taxes, and then spend what’s left. 

Business owners earn, spend on legitimate expenses, and pay taxes on what remains. That order alone can make a big difference.

Timing plays a role, too. Low-income years are often the best time to realize capital gains or make Roth conversions, while higher-income years are better for deferring income and maximizing deductions.

You can’t always control your income, but you can control how it moves through your financial life. When you plan ahead instead of reacting to your tax bill, you gain the clarity and confidence to pay less tax the right way.

Use Tax-Deferred and Tax-Free Accounts Wisely

If you want to pay less tax, one of the most effective things you can do is make the most of the accounts designed to help you do exactly that. Retirement accounts, in particular, let you decide whether you want to save on taxes today or in the future.

The key is using both tax-deferred and tax-free options in a way that fits your goals and cash flow.

Maximize Retirement Contributions

Contributing to tax-deferred accounts like 401(k)s, 403(b)s, SEP IRAs, or Solo 401(k)s lowers your taxable income now and helps your money grow for later.

For example, one of my clients contributed $25,000 to her retirement plan and saved more than $8,000 in federal taxes that year. That’s money that stayed in her pocket and continued to grow for her future.

If you’re self-employed, the opportunity is even greater. You can often contribute far more to retirement accounts (in some cases, over $200,000 a year) while reducing your taxable income.

The important part is consistency. Whether you contribute monthly or in one annual lump sum, make it a habit to use the full amount available to you each year. Over time, those contributions create both wealth and tax savings that compound together.

Consider Roth Accounts for Long-Term Freedom

While tax-deferred accounts save you money now, Roth IRAs and Roth 401(k)s give you freedom later. You contribute after-tax dollars today, but your withdrawals in retirement, including growth, are completely tax-free.

That can make a huge difference in your long-term flexibility. I’ve worked with clients who made Roth contributions in their 40s during lower-income years. Decades later, they now have access to a pool of tax-free money they can use without worrying about their tax bracket or future rate changes.

The best approach is often a mix of some money growing tax-deferred and some growing tax-free. That way, you have options and control when it’s time to withdraw.

Why Structure Matters When You’re Self-Employed

If you run your own business or work for yourself, your business structure plays a big role in how much tax you pay. The form you choose determines not just how income is reported, but which deductions you can take and how much flexibility you have.

For many entrepreneurs, the first big decision is whether to remain a sole proprietor or form an entity such as an LLC or S-Corporation. The right setup can lower self-employment taxes, open up retirement plan options, and create more opportunities for legitimate business deductions.

What matters most is how your structure aligns with your income and expenses. As your business grows, what worked in the early years might stop being efficient. Reviewing your setup every few years with your tax professional and financial planner can reveal better ways to organize your income, take deductions, and pay yourself more strategically.

The goal isn’t to hide money or play tax games. It’s to use the same legal frameworks available to every business owner to make your structure work for you, helping you pay less tax, build wealth, gain additional liability protection, and keep your financial life running smoothly.

Manage Capital Gains Strategically

Capital gains can create some of the largest unexpected tax bills, especially when you sell a home, business, or investment that has grown significantly in value. The good news is, with the right planning, you can manage when and how those gains are taxed and keep more of your profit.

Spread Gains Over Time

If you’re selling a business, investment property, or large holding, you may be able to structure the sale as an installment sale. Instead of receiving all the proceeds at once, you spread them over several years. That means you also spread the tax burden, keeping your income in lower brackets and potentially saving thousands.

For some sales, there’s also an intermediated installment option, which allows a third party to handle the transaction. That can give you more control over how and when income is recognized.

Use Low-Income Years to Your Advantage

Our capital gains system is progressive, just like regular income taxes. That means your rate can be low in lower-income years. If you’ve taken time off work, had a transition year, or realized less income for any reason, that’s often the perfect time to sell appreciated assets.

I often see clients use those years to rebalance portfolios, sell stock options, or trim concentrated holdings while minimizing or eliminating capital gains tax. With planning, even temporary dips in income can become long-term tax-saving opportunities.

Gift and Give Intentionally

Gifting appreciated assets instead of selling them and donating the proceeds can be a simple and powerful way to reduce taxes. You can gift assets to family members in lower tax brackets or donate them directly to charity. In both cases, you avoid the capital gains tax you’d owe if you sold the asset yourself.

You can also make qualified charitable donations directly from your retirement accounts if you’re over 70.5 years old.  Again, this allows you to make a greater donation since the charity will have no taxes to pay on the liquidation of the gift.

Don’t forget the home sale exclusion. Up to $250,000 of gain for individuals or $500,000 for married couples filing jointly can be excluded on the federal level when selling your primary residence, as long as you’ve lived there for two of the past five years.

Strategic generosity can be one of the most rewarding ways to reduce taxes while supporting people and causes you care about.

Explore Exchanges and Exemptions

There are a few advanced tools that can defer or even eliminate capital gains tax when used correctly. A 1031 exchange lets you sell an investment property and reinvest in another similar property without triggering immediate taxes. A 1035 exchange offers similar benefits for certain insurance or annuity contracts.

If you own a qualifying small business, the Qualified Small Business Stock (QSBS) exemption can allow you to exclude up to 100% of the gain from selling shares, depending on how long you’ve held them and how the business is structured.

Finally, opportunity zone investments can offer both deferral and potential exclusion of capital gains when reinvested in designated areas, which is a great option to explore with your advisor if you have large unrealized gains.

Paying Less Tax Starts with a Smarter Plan

Paying less tax isn’t about finding loopholes or chasing one-time tricks. It’s about being intentional, understanding how your income, timing, and structure work together, and using those tools to make confident, proactive choices.

When you build a plan around clarity and consistency, taxes stop feeling like something that happens to you and become something you manage with purpose. You keep more of what you earn and stay aligned with the life you’re building.

If you’d like to see how a personalized plan could help you pay less tax while staying focused on your bigger goals, take the first step. Fill out my short questionnaire and see if we’re a good fit to work together.

Jessica Lanning, CFP®

Email: jessica@lanningfinancial.com
Phone: (415) 354-5699
LinkedIn: linkedin.com/in/jessicalanning
YouTube Channel: Lanning Financial on YouTube

Lanning Financial Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Plan first, tools second, revisit often.

This adage applies to life insurance probably more than any other tool in your financial planning toolbox.  In most cases, you bought it with the intention of keeping it for 20 years or more.  A lot of life happens in five to 10 years, let alone 20.  One of the biggest changes during that time is your own maturity – your thoughts and values change, your needs change, and your desire for security changes.  What made perfect sense and what got your attention 5, 10, or 20 years ago is probably quite different than what you would notice and pay attention to today.  And while you’re going about your life, the insurance industry has probably introduced new products and stopped selling others.

Remember to go back to your plan and then look at the tools (products) you’re using to make those plans happen.  Evaluate whether a particular financial tool is still a viable part of that plan or no longer serving you.  A life insurance review would be valuable.  Most life insurance agents will do these for “free” as a way to sell you something else.  Find an ethical one who will give you an honest answer, even if it means losing a commission.  For life insurance, consider these questions:

• What might I need life insurance for?
• Do I have people who are financial dependent on me?  For how much longer?
• Does the policy I have any cash value?
• How is my health?
• How much do I need?
• How might I use life insurance to meet multiple financial planning needs?  (long-term care, cash reserves, retirement income supplementation, college education funding, etc.)
• How might I use pre-tax dollars to meet those premiums?
• What is the value of my estate and how much might my heirs have to pay in estate taxes?

Once you’ve explored some of these questions in present time, your answers from years ago may have changed.  If so, time to choose a new tool.

Remember that taxes do good things and you do have choices

First, breathe.  Lighten up.  We’ve all been there in one year or another.  Find gratitude.  The taxes you pay do good things – libraries, schools, roads, people to fix the roads, street lights, police, courts, and the list goes on.  These things may not be perfect, but for the most part, they’re functional.

Second, remember that you have choices.  Here’s something else a bunch of you did this tax season:  You funded your qualified retirement plans.  When you looked at the difference in your tax bill based on whether you funded that plan or not, it felt like a no-brainer to fund it.  You thought, “Look at all the money I saved in taxes!”  You probably thought with pride, “I put money away for retirement just like I’m supposed to and look at how much I put away!”

If you had these thoughts, I want you to contemplate these thoughts:  (1) If you believe taxes are going to remain the same or go down for you in retirement, it makes sense to fund qualified plans.  But if you believe taxes are going up, you’ve just “kicked the can down the road,” when taxes in retirement will likely be much higher.  Did you really save money?  Frankly, taxes are on sale right now.  (2) You may have been better off funding a tax-free retirement with after-tax dollars, rather than a qualified plan, so that when you go to retire, you’ll have fewer taxes to pay, less fear about tax deadlines, and a simplified tax return.  Starts to make retirement look even better, doesn’t it?  Remember that you have choices about how you earn, invest, and spend your money.

Choose a planner that put his/her attention on tax planning

Remember my beliefs.  The first one is that retirement savings and planning depends on you, you, and you (as opposed to the government, your employer, and you).  The second one is that you’ve got to keep your eye on market volatility, inflation/deflation (even if only medical expenses inflation), and TAXES.  Taxes could potentially be your biggest expense in retirement.  If you’re not diversifying your investments to provide tax-free income in retirement, you’re missing out on an opportunity to save on that expense and therefore have more money to spend in retirement.

Here are the Cliff Notes (remember Cliff Notes?):

1. As investors accumulate retirement assets, they should put money in three buckets: one that’s tax-deferred, one that is tax-free, and one that is taxable for savings and investments outside tax-advantaged accounts.
    
2. Investors often can stretch their retirement dollars further if they have the flexibility to manage distributions in a tax-efficient way.  This is a process that must begin in the accumulation phase.
    
3. Directing money to tax-free accounts can be the most challenging and needs to start early.
    
4. In the example given, because the couple was able to draw money from a variety of sources, the couple had $120K in retirement income and was able to keep an effective 7.7% tax rate and also realized these potential benefits: they will qualify for lower Medicare Part B premiums, potentially qualify for the lower capital gains tax, and improve their ability to deduct health insurance and/or long-term care premiums.
    
5. If cash is king, flexibility is queen:  A tax-diversified retirement portfolio gives investors more flexibility to deal with unknowns like changing tax rates and the potential means testing for Social Security and Medicare benefits. 

See, I’m not the only one who says these things.

1. Call your accountant if you have not already for end-of-the-year tax planning.  The possible Bush tax cuts extension is making a mess of everyone’s planning. Come join in the fun.
    
2. If you’re going to convert your IRA to a Roth IRA this year so that you can pay the taxes over two years, you need to do that now.
    
3. Get your payroll service in order.  If you have not been happy with your payroll service or are hiring someone for the first time, you need a solid payroll company.  January is the best time of the year to make a change.
    
4. Get your business planning done.  Record your accomplishments.  Let go of your “failures.”
    
5. No New Year’s Resolutions.  Remember, they don’t work in January.  Wait until at least February 2^nd.  The gym will be emptier by then anyway.

It’s the home stretch of 2010.  Enjoy!

Since when did life insurance get so sexy?

The problem is that people often think of life insurance as another one of those things that you have to buy when you become a grown up, get married and have children.  It is yet another annual expense that seemingly has no value at all unless one dies.  Then to add insult to injury, the dead person doesn’t even get to use the death benefit proceeds.  It’s no wonder that people joke that life insurance is designed to keep you broke while you’re alive so you can die rich.

If this is your belief system, you might need to get your mind right.  In all honesty, there’s some truth to the above statement.  If you have young children, business partners, or dependents, you do need life insurance so that if you die, there are assets available to support them.  Or, if you stand to die with more than $1 million, then you might want the money to pay estate taxes.  In any event, you’re buying the policy for death benefit purposes.

But you can buy life insurance for life benefit purposes, and this is where people are missing the opportunity.  The article quoted a planner saying that “There are people who are making at least $250,000 a year and who will be targeted for higher taxes….  Cash value insurance is a Roth IRA for rich people, and they can tap that money judiciously.”  This is a true statement.  Cash value life insurance contracts are one place where you can grow money tax-free (well, tax-deferred if you want to get technical) and access it tax-free (if the contract is created and funded properly).  I spend my days showing people how to create tax-free retirement income, create buckets of money to meet education funding goals and disability income supplementation, and how to create “Roth IRAs on steroids” for employees who can’t put enough money away in their company’s retirement plans or business owners who have not adequately saved for retirement.  I show people how to keep their social security benefits from being taxed.  I show people how not to outlive their money.  Life insurance, believe it or not, can play a huge role in making that plan work.

Suggestions for managing bills and cash-flow

I’m a big believer in keeping as much cash at your disposal as possible and paying government entities on-time, but not early.  No sense in giving someone free use of my money, especially if I might not owe as much as I’m predicting.  How to do this is always the challenge.

First of all, there’s nothing worse than surprises, so eliminate them.  Be in conversation with your accountant at least three times a year (March, June, and December, if not also September) and talk about your income, how much you’re paying in taxes (whether that’s per paycheck or quarterly payments), what your projections are for the year, and what big expenses you may have this year.  That way, if you can adjust your quarterly payments so that they’re more in line with where you will end up at year’s end, the last check is smaller to write.

Second of all, create an account that is devoted to saving up for those “big checks” that happen annually or semi-annually or actually fund them.   Set aside money for property taxes, go ahead and fund your Health Savings Accounts, and your retirement accounts.  Get that money working for you.

Finally, if you’re behind on payments, create a debt repayment schedule and stick to it.  Throw as much money at those debts as you can so you can get in “real time” on your payments.  Sometimes just having a plan will make you feel more in control and capable.