The Truth About The Income Tax Changes For 2018 & Beyond
Welcome to the 2018 income tax preparation tax year. If you are a current income tax client you should of received your pre-booked date and time postcard. As usual if you need to make any changes contact us anytime. If you are not a current income tax client we would always welcome you to come on in an give us an opportunity.
2018 was some of the biggest income tax changes in over 30 years. The massive overhaul was a the result of the current legislations attempt to simplify the current massive IRS tax code.
The above chart gives a quick snapshot of how the Standard Deduction Rates can drastically change the way you itemize your 2018 and future taxes.
I assume the theory was let's eliminate the tax payers opportunity to maximize their own personal tax liabilities and try to create a standard deduction for all taxpayers.
What does this mean to you and you families?
This year and beyond we will still have to figure out the best filing strategy for every tax payer.
If you want the details here is a fantastic article by US News that explains the changes.
I do think that 2018 is the year that you want to have a qualified licensed tax professional guide you through this process.
If you want any help or have any questions please contact us anytime.