The Tax Cuts and Jobs Act 2017 promised lower taxes for the middle class, and reduced rates on pass-through business taxation and corporation tax while also aiming to make the process of tax filing easier for everyone. However, for business owners, the Tax Act and Jobs Act did little to simplify tax planning and preparation; in fact, the new guidelines for pass-through entities appear to have added increased complexity for taxpayers!As the bill was passed at the end of December 2017, it won’t be until 2019 that the full impact will be felt. Though it may seem like a long way off, brushing up on how the tax reform will affect you and your business is likely to be time-consuming, so if you don’t feel confident preparing your taxes, it’s time to start looking for expert help now. Tax preparation and filing software can help to streamline the process, and providing all the steps are followed correctly, everything should go smoothly.
The Tax Cuts and Jobs Act 2017 promised lower taxes for the middle class, and reduced rates on pass-through business taxation and corporation tax while also aiming to make the process of tax filing easier for everyone. However, for business owners, the Tax Act and Jobs Act did little to simplify tax planning and preparation; in fact, the new guidelines for pass-through entities appear to have added increased complexity for taxpayers!
As the bill was passed at the end of December 2017, it won’t be until 2019 that the full impact will be felt. Though it may seem like a long way off, brushing up on how the tax reform will affect you and your business is likely to be time-consuming, so if you don’t feel confident preparing your taxes, it’s time to start looking for expert help now. Continue reading “3 Things To Consider When Choosing A Tax Preparer”