The Importance of Tax Planning After the 2018 Tax Reform

Are you prepared for your 2018 Tax Return? If you think it’s too early to start planning for your 2018 taxes, you’d be mistaken.

Now more than ever, in the wake of the 2018 Tax Reform, it’s crucial to meet with your trusted tax advisor to plan for how the new federal regulations specifically impact your current and future financial goals.

Why Can’t I Wait Until Tax Season to See a Tax Advisor?

The 2018 Federal Tax Reform offers significant amendments to the tax liabilities and benefits afforded to individuals and businesses including:

• individual and corporate tax rates
• the standard deduction (for single filers and married filing joint couples)
• the mortgage interest deduction
• the Alternative Minimum Tax.

With all the recent changes, it’s critical to discuss your financial situation with a tax professional like Robert Hall & Associates who will make sure you’re following the new code, and how you can benefit from it before it’s too late.

Since individuals must use a calendar year in filing their taxes, you don’t want to wait until March to learn about deductions or money-saving opportunities you could have implemented in November.

Therefore, if you want to make significant moves to your personal finances, such as mapping out extra tax write-offs or deferring more money into a retirement account to keep yourself in a lower income tax bracket, you must do so before the end of the calendar year.

Does the 2018 Tax Reform make it harder or easier to file taxes?

The new tax law does not make it easier or harder to file your taxes; it’s just a new set of rules to adhere to.

For this reason, unless you’re a taxpayer who is highly trained and up to date with changes in the tax law, you could be missing out on money-saving opportunities and deductions under this new law.

That’s why it’s important to meet with an enrolled agent like Robert Hall & Associates, before it’s too late!

Don’t know how the 2018 Tax Reform will affect you? Call us today at (818) 242-4888 or fill out a contact form to speak with an Enrolled Agent to discuss your possible benefits from the federal government’s recent tax overhaul.