As we approach the end of the year, it is a time for all of us to reflect on our goals, successes and challenges for the year. It is also time to reflect on our personal growth and life changes. For all of us there are things we can control, and many things we can’t. At Shoebox Tax Prep, we believe that proper planning can help mitigate the stress of life’s unknowns and help ease the many transitions life throws our way. At Shoebox Tax Prep, our goal is to use process driven tax compliance to provide simple, clear and accurate service. We understand how your life affects your taxes, and how your taxes affect your life.
The Tax Cuts and Jobs Act of 2017 (TCJA) brought about some of the biggest tax changes in decades. While the goal of the TCJA was to simplify the tax code and filing process, it also significantly changed the way people are used to filing their taxes. On the most basic level, the forms have changed. Other changes directly affect what you owe. Tax rates are lower, but personal exemptions have been eliminated in favor of a higher standard deduction. The TCJA limits the amount of state and local taxes you can deduct but increases the child tax credit and makes it available to more tax payers. The IRS is still issuing guidance regarding employee meal expenses, and there are many proposed regulations up for review. Some items are more complex than others, but regardless of income or occupation, the TCJA affects all tax payers. How can a tax payer keep up with it all? How can someone know what applies to them? With all the news that floats around, how can you know what is correct? The TCJA may not be the simplest to navigate but getting the answers you need is. Just ask us.
Even with the changing tax code, there are many things you can do before the end of the year to make sure all of your personal and financial goals are in alignment.
As we close out this year, and move into the new one, we are confident that we can handle whatever gets thrown our way. At Shoebox Tax Prep we hope we can instill the same confidence in you.
Amanda & Rich