They say that nothing is ever certain except death and taxes, but that doesn’t quite hold true for 2018. The massive GOP tax cut finally will be going into effect – and causing major changes along the way. Just a little bit of planning, however, can help you come out on top.
One of the biggest shifts to prepare for is the loss of unreimbursed business-related expenses. Other deductions have also been slashed, including some educator expenses, and required expenses for our first responders and service employees. In addition, taxpayers that pay fees for the management of their portfolio will also lose out on future deductions, as well.
If these changes will impact you, it is imperative that you plan for 2018. Talk to your CPA or tax advisor about what you can do to minimize the tax impact for 2018 when you meet with them to complete your 2017 tax return. Being proactive is the key to reducing your tax liability and eliminating unnecessary surprises at tax time next year.
About: Mary brings with her 14+ years of accounting experience. Her main knowledge is in landscape accounting, CNG fuel sales, and other areas to impact clients.
Contact: For more information call Osborne Rincon CPAs at 760-777-9805 or www.OsborneRincon.com
Last modified: April 4, 2018