Hello Katz - Here Are Your Articles for Thursday, June 14, 2018
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2018 Tax Law Changes

 

Tell us what you are seeing with the tax law changes for 2018 and their impact for clients in 2018, Sandy?

Here at KNS, we have spent the past few months looking at how the recent changes in the tax laws will impact our individual tax clients. Some of the changes most of us will be affected by include the $10,000 limitation on the deduction for state and local income taxes, the elimination of miscellaneous itemized deductions such as investment expenses and unreimbursed business expenses, and slightly lower tax rates.

While we are finding a small number of clients who will experience an increase in federal taxes in 2018, the vast majority of our clients will find a lower tax expense. In many cases, this is due in part to the fact that in prior years the Alternative Minimum Tax (AMT) had severely limited the benefit of those lost deductions.  Under the new tax law, AMT is eliminated for taxpayers with under $1 million of income.

Withholdings on wages have been adjusted to take the lower tax rates into account, and there is some concern the reduction may leave some people with an unexpected tax bill next April.  If you would like to review your 2018 tax situation, please call our office.

This is truly a year to do some additional tax planning!

 

Sandy Caterine, CPA, MST, is a Senior Tax Manager at Katz, Nannis + Solomon, P.C. If you have any questions or would like to speak with one of our tax professionals, please contact our office at 781-453-8700.

 
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Katz Nannis + Solomon PC
Katz Nannis + Solomon PC
info@knscpa.com
781-453-8700
800 South Street Suite 250
Waltham, MA 02453
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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