How Will Your Taxes Fare After Trumps Reform?

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How Will Your Taxes Fare After Trumps Reform?
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• This year has been one of confusion and
  uncertainty for taxpayers, with President Trumps
  reform kicking in, leaving many filers unsure of
  how it will affect their tax liability. Experts
  are warning about significant delays to the
  filing procedures, as the IRS, tax filing
  software providers and tax professionals
  integrate the Tax Cuts and Jobs Act into their
  filing and processing systems.
• So, how will your taxes fare after Trumps reform?
• Tax reform for business owners
• Under Trumps reforms, some qualified business
  owners may see a federal tax reduction of up to
  20, but there are limits in place as to who
  exactly qualifies for this cut, as it does not
  apply across the board.

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• The way in which the classifications are formed
  is complex, but essentially, qualifying single
  filers are permitted to have no more than
  157,500 anyone having an amount over this limit
  will be subject to restrictions. Those for whom
  this restriction might apply are individuals such
  as doctors, accountants, lawyers and other
  similar professionals. These business owners lose
  their tax break if their income exceeds 201,500
  as a single filer, or 415,000 if theyre married
  or filing jointly.
• Confusion has abounded over just which types of
  professionals qualify for this tax benefit, and
  not only from individual tax payers, but from the
  IRS themselves as they attempt to iron out the
  details.

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• If youre a small business owner, dont assume
  that youll qualify seek advice and guidance
  from your tax advisor to try and get a definitive
  answer.
• Who will almost certainly be disappointed with
  Trumps tax reforms?
• Those living in states where taxes are high, and
  who are used to deducting state and local taxes
  on their returns, will doubtless be cursing Trump
  as tax reform limits deductions for personal
  taxes commonly referred to as SALT taxes, to a
  total of 10,000.

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• Large families who will lose their tax benefit
  with this loss of personal exemptions, could make
  up those losses with the expansion of child tax
  credits of 2,000 for each child and new rules
  regarding the use of 529 education savings plans.
• For those not living in regions presidentially
  declared as disaster areas, the inability to
  deduct casualty and theft losses might be
  balanced out by the increase in the standard
  deduction to 12,000 for single filers, and
  24,000 if married or filing jointly.
• Tax experts are predicting that most tax filers
  will be satisfied and pleasantly surprised by
  Trumps reform, and mainly because tax rates have
  been lowered.

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• With little time left before December 31st,
  getting the lowdown on your 2018 tax bill should
  be a priority - especially for small business
  owners so reach out to a tax professional asap,
  to determine what you can do to reduce your tax
  liability before the deadline.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami , Heyer Associates would be a right
  option.