More Than Just Filling Out Forms
When meeting with clients, the planning of future tax strategies is usually more important than the actual preparation of the tax return. Listed to the right are the various topics we can discuss and ideas for possible tax savings strategies.
Select a topic for more information »
Please note that everything discussed does not apply to everyone. Each taxpayer is different. You need to look at each topic in the context of your own financial situation. We have tried to generalize these ideas to show what works for many people. Please be careful when translating these ideas to your own tax return.
2018 Tax Cuts
2018 is the start of a new era in tax law. Many things have changed. Increased standard deductions. No more personal exemption. Increased child credits. A new 20% deduction for pass-through businesses and self-employed people. My view of the new law is that they give you some good stuff over here and then take away some things over there. Some of it will offset, such as the larger standard deduction but no more personal exemptions. But overall, many people will likely pay less tax starting in 2018.
Please understand that every tax return is different. Some people may pay more tax. And just because you pay less tax doesn’t mean you will get a larger refund on April 15th. Withholding tables are being adjusted to try and capture the new rates and deductions. This is a difficult process. It may take a few years and some fine tuning of the withholding system to get people back to the same refund they had in past years.
Be prepared for a surprise when you get to the end of the tax return filing process. Results will be different. Until we actually file a return using the new rules and the new withholding amounts, it is hard to say what the end result will be.