The tax code,
known as the Tax Cuts and Jobs Act (TCJA) has introduced many changes to the tax
code this year that might cause some limitations on popular tax deductio
ns. Additionally, this new tax law might have a significant impact on you personally and your business.
Therefore it's important to consider the impact of the tax code on your financial situation and
to review your current financial plan as this law affects tax rates and limits on certain deductions.
A few suggested questions to ask your CPA/accountant/ax preparer whether or not you need to make changes:
1. Should I expect to pay more, the same, or less if my 2018 income is similar to my 2017 income within major changes beyond the new tax law?
2. How has the tax law affected my tax deductions? will it be advantageous to itemize this year or take the standard deduction?
3. What are the main deductions I've claimed in the past and what has changed due to the tax law?
There are many more questions about the TCJA and how it affects your financial situation.
We can answer all your questions and help you lessen your tax liability.