If you haven’t filed your taxes already, it is certainly time to consider doing so. The April 18th deadline is rapidly approaching, and there are few things worse than receiving an angry letter from the IRS. Well… there may, in fact, be nothing worse. If you’ve procrastinated up until the last minute (or if your W-2s came in a bit late), there is still some time to get your paperwork in order and head over to your local accounting expert (yes, we’re talking about ourselves). Our team of experienced professionals will get your taxes filed efficiently and effectively, ensuring you receive the greatest return possible. And not only will you help you file your returns, we’ll gladly explain new and important changes to 2018 tax laws – changes that will likely affect you in the year ahead.
However, before you file your taxes for the year of 2017, it is important to note several important changes that have been made to national tax laws. Last year, congress passed the most significant piece of tax reform legislation in close to thirty years. What exactly did this piece of legislation entail? First of all, while the seven current tax brackets were retained, a number of tax rates were lowered. For example, if you fall in the 15% tax bracket, your threshold will rise from $18,650 to $19,050. All of these numbers can be quite confusing; remember, we will gladly answer any and all questions you may have. The bill also increases alternative minimum tax exemptions, meaning that the exempt income bracket will be raised (from $84,000 to $109,400 for those married filing jointly, and from $54,300 to $70,300 for single individuals). Several other changes will be made, such as changes to the health care penalty that was previously in place, and limits on deductible local taxes. Fortunately, the vast majority of individuals will not be impacted by the tax reform law. And even if you are affected, we are available and more than willing to help.