The tax reform law that went into effect for the most recent year will impact the returns of many millions of Americans. With the Internal Revenue Service having issued guidance regarding the law’s implications only recently, even taxpayers who are best prepared are likely to have questions and concerns.
Fortunately, experts at Tax Preparation in Palm Bay FL are ready to help make sure their clients’ returns will be completed accurately and successfully. In particular, many individuals and business owners will qualify for deductions for which they would not formerly have been eligible.
New Deductions Await Taxpayers, Along With Some Pitfalls
Signed at the very end of 2017, the federal Tax Reform and Jobs Act marked the most fundamental restructuring of the American tax code in many years. As a result, even people who have become accustomed to preparing and filing their own taxes will find themselves grappling with related issues if they try to do so again.
Financial professionals who regularly handle tax preparation in Palm Bay FL, however, will be far better prepared than the average person to account for the impact of the law. Some of the types of issues they will be able to take into consideration in the course of their work on behalf of others include:
- Standard deduction.
- The standard deduction that taxpayers take if they do not itemize their returns has been increased significantly. However, the personal exemption that used to be available to all filers has been phased out entirely, limiting the impact of the former move in many cases.
- Pass-through deduction.
- Many people in the area own and operate small businesses where that entity’s income ends up being reported on the individual’s return. Quite a few of these will end up being eligible for a 20-percent deduction on qualifying pass-through business income.
Never a Better Time to Get Help
Visit us website or a similar site and it will be seen that experts in the area are ready to help locals address new, tax-related issues like these and many others. With the nation’s tax code having been changed so significantly, seeking out some help from a specialist could easily pay off.
