TAX LAW CHANGES
What an exciting time to be a tax professional! The recent tax law changes mark the biggest change in tax law since 1986, (when Greg and I were both in school taking our first tax classes). We are eagerly learning about the new changes and how they will impact our clients.
What does it mean for you?
Well, we think it means you will save money on your taxes. Every Tax Plan we have run for clients shows them paying less in tax under the new law, and who doesn’t want to pay less in taxes?
But before you spend all your tax savings today, remember that most of these changes take place on your 2018 tax return, which we file NEXT year.
New IRS withholding tables were just released and are required to be implemented by mid-February, so if you are an employee you should see an increase in your paychecks very soon! And you shouldn’t need to adjust your withholding allowances at all.
There is nothing more disturbing than E-Filing a client’s tax return just to have the IRS reject it saying “Someone else has already filed using this Social Security Number.” Any more, identity theft is becoming a common occurrence in our lives. Here at Stewart-Longhurst, we go to extreme measures to protect your personal information. Our paperless system reduces the vulnerability of your data to almost nil. Our data is maintained by a well-known commercial off-site provider who maintains the strictest of security procedures to protect our data. Really, the only time your tax return is in paper form in our office is the time between the return spewing off our printer and when you pick it up. If you should ever become a victim of identity theft, contact your attorney and insurance company immediately for guidance. To read about what the IRS has done regarding identity theft, go to the website below.
We saw marriages enhanced through the Financial Peace University class we taught a few months ago. Dave Ramsey’s principles really do free people from the stress of not knowing where their money went, and the worry over whether their money will run out before their next paycheck. Being a part of that learning process is exciting for me!
When you come to our office for an appointment, I love teaching you about tax-saving strategies and staying in compliance with the tax laws. The issues are often complex and confusing, and I like explaining them in a way you can understand, allowing you to be more in control of your financial future.
My passion is for teaching others in a way that facilitates a better life. It’s why I come to work every day, and love to do what I do!
Hanna and I merged our firms on January 1, 2013. Over the last two years we have experimented with and debated how to best divide up the duties. Traditionally most CPA firms would have each partner keep and maintain their own book of business with the other partner serving in an advisory role. But you know we are not a traditional CPA firm! We have found that the most efficient and accurate way to serve you is to have each of us doing what we do best. For Hanna, that is communicating and meeting with clients. For me, it is burying myself deep into the technical work, research and actually preparing the taxes. This team-up combination ensures that you will receive the highest quality product and the most efficiency. As such, Hanna will be meeting with almost all of our clients this year while I will be preparing most of the tax returns. While many of you have met with me for years, I have no doubt that you will enjoy meeting with Hanna as she organizes your data to be passed on to me for preparation.