It’s difficult to believe that 2018 is nearly over, but this is true and with it comes a tremendous amount of uncertainty in the stock market and the world of taxes.
I’ve spoken with dozens of people recently that are concerned with the various challenges the new tax laws will impose on them – whether it’s the state, local, and property tax caps of $10,000 – which is a HUGE challenge in New York, as you know, or simply about if it makes sense to itemize anymore.
Here is a summary of the changes - https://www.tsbas.com/2018taxhighlights
Let me tell you, it’s going to be a messy tax season for a lot of people, whether you own a business or you’re earning a paycheck.
On the other hand, there are lot of places where you can still save a lot of money and mitigate your tax bill, but they’re not as readily apparent as they once were. For small businesses that have previously operated as a Schedule C and LLC, there are even more things to look at, and some may require changing the way you have traditionally looked at your business. You’re an S-Corp? Don’t worry, there are still conversations to be had!
There’s one other challenge that no one is talking about and that is whether or not the “off the shelf” software that a lot of taxpayers use is going to be up to the task of handling the changes in the Tax Code.
I’m optimistic that it will be, but I think it might still result in a lot of people missing out on deductions and credits they didn’t know they qualified for.
… and that’s what I wanted to tell you.
Between now and the first of the year, if you have any questions about how the new tax laws are going to impact you, I want you to reach out to me and my team. It’s even more critical than in years past, because so many “standard” deductions have been rethought or redesigned.
Professionally, I think there is every chance that most, if not all, of my clients can realize the same refunds or tax bills they have in year’s past, but strategies like making retirement contribution decisions in the spring have to change to managing these actions before December 31st.
So please, call and schedule a time to join us now, not after January 1st, and let’s make sure we keep money in your pocket. You can also schedule online here - https://calendly.com/tsbas/taxcheckup
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