If you are like me, one of my least enjoyable feelings is that of uncertainty, of the unknown. Many situations in life can cause feelings of uncertainty, but one situation that should NEVER be left to chance is that of your taxes.
Before we know it the 2019 tax filing season will be upon on us, and, unlike prior years, the words uncertainty and the unknown will have more significance due to the Tax Cuts & Jobs Act (TCJA) tax reform. The Tax Cuts and Jobs Act of 2017, the most sweeping tax legislation since the Tax Reform Act of 1986, began changing the tax landscape for businesses with the 2017 tax filings, and now it will have impact for individuals.. The TCJA tax reform includes (but is not limited to) the following changes:
AND, one of the largest, most complex, and potentially beneficial tax savings of the TCJA…
These changes have been brought on by the most sweeping tax legislation in the last 30+ years. These are changes that bring the POTENTIAL for both positive and negative tax consequences and, in my opinion, the CERTAINTY for both uncertainty and the unknown.
Our recommendation is to mitigate the unknown by figuring out these tax implications now rather than waiting until you have to file. With only your latest paystub, QuickBooks file (or other record of business activity), and indication of significant changes for 2018 (as compared to 2017), you can work directly with your CPA to prepare a TCJA tax plan that will eliminate this uncertainty. Whether the outcome of the plan is positive or negative, you will still have time to make the necessary changes to prepare for the most sweeping tax legislation in the last 30+ years.
Do you have questions and/or would you like us to prepare your TCJA tax plan? If so, contact us either through email or by calling (978) 973-1607.
Adam M. Domow has more than 17 years of experience as a CPA. Adam empowers his clients to reach their financial goals through a broad range of services that include tax preparation/planning, accounting and bookkeeping, as well as client advisory services.