The Tax Cuts and Jobs Act (TCJA) was signed into law in late December 2017, and this major tax reform will affect both business and individuals. The tax preparation experts at Sean Core CPA can help you understand these reforms and get ready for the upcoming tax season.
Learn How 2018 Tax Reforms Will Impact Your Taxes
The Internal Revenue Service has just published new information about how the TJCA will affect individuals and families, detailing what’s changed in the federal tax return you will be filing in 2019. You can read this IRS publication here.
The tax reforms are quite substantial, requiring the creation or revision of over 400 tax forms, instructions and publications for the upcoming tax season, which is more than twice the number of forms usually needing attention. It may be difficult for you to absorb these many changes, but our tax team can help!
Will You Pay Less Tax in 2018?
The TJCA was designed to create new jobs and boost the economy and should mean a lower tax bill and easier filing for many. In fact, you may have already seen an increase in your paycheck as the IRS has recommended that companies adjust their withholding to reflect the new tax rates. With the doubling of the standard deduction (the preset amount you can take off your taxable income) and the increased child tax credit you may be looking at a substantially lower rate of taxation.
If you are self-employed the picture may be even rosier, with a new benefit that can cut your tax bill by up to 20% and other tax adjustments for small business owners. Ask our tax professionals about 2018 tax law changes affecting the self-employed.
The unprecedented number of tax law changes may make it difficult for you to file this year, or at least to file your return on time while incorporating this slew of updates. It just makes sense to get professional help – our tax experts have been helping people and businesses in Mesa, Chandler, Tempe, across Arizona and further since 2005. Our team has collectively over 45 years’ experience providing top quality accounting, bookkeeping and tax work.
If you are looking for a Phoenix area CPA who understands how these 2018 tax reforms will affect both individuals and small-to-medium sized businesses in Arizona, please contact Sean Core CPA.