We are halfway through tax season and definitely seeing this with our clients. What's more alarming is when a client goes from typically getting a refund to an amount due! There are a lot of variables that go into the end result of your tax return but the one thing we are consistently seeing this year is clients being under withheld on their wages. If you have not updated your W-4 with your employer in the last 12 months now is the time, if your unsure what the right number to claim is then reach out to your tax professional.
NYTIMES.COM
Why People Are Outraged at Lower Tax Refunds (but Probably Shouldn’t Be)
The new Qualified Business Income deduction allows small business owners to deduct up to 20% of their business income before taxes. If you are unaware of this deduction or unsure if it applies to you call our office now to schedule a free consultation. We can determine if you qualify for this deduction and also advise how the Tax Cuts and Jobs Act will affect your 2018 income taxes.
JOURNALOFACCOUNTANCY.COM
The new QBI deduction is finally clearer
