The Tax Reform Bill Broken Down
Often times, I find that the conversation of tax returns, tax codes and tax reform can seem like rocket science to many taxpayers. In fact, I read somewhere that even Albert Einstein said, “The hardest thing in this world to understand is the income tax.” Accordingly, I strongly encourage you to choose a tax preparer that is educated and experienced.
Because whether we fully understand income taxes or not, taxpayers are legally responsible for what’s on their tax return. Essentially, this is just another reason why taxpayers must avoid those road-side tax signs that promise you thousands of dollars on your return. Instead hire a professional because the truth is every situation is different. Yet the goal is always to minimize and/or avoid mistakes which is what a knowledgeable tax preparer can help you accomplish. As CEO of Tax Drz, I have a hand selected a team of tax preparers that are well versed on tax code and can highlight what’s important in an easy to understand manner.
So let’s discuss #45. He recently signed a tax reform bill into law making major changes to the U.S. tax code. Although we won’t notice these changes on our tax return until 2019, the conversation is relevant now, as this bill represents the most significant tax changes in the United States in more than 30 years.
The new Tax Reform Bill redefines tax brackets, modifies deductions and changes corporate taxes in a significant way. For that reason, here at Tax Drz, we want individuals and corporations to be informed as to how this bill can affect them.
On the surface, the Tax Reform Bill has several positive qualifies. For example, penalties associated with marriage and The Affordable Healthcare Act (Obama Care) have been eliminated. While on the other hand, some educational and parental deductions have disappeared. Additionally, standard deductions will be double for most filers, but this also means that itemizing may no longer be worth it. However, to be certain, taxpayers should consult with a tax preparer that can explain in dept how changes in this bill will impact their tax returns.
Since “Help is Who We Are,” we are on stand-by and ready to answer any questions you may have regarding the Tax Reform Bill. Do not hesitate to give us a call at 1 (877) 621-8989.
JOHN GAY, CEO of Tax Drz, LLC
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