Local Tax Help for Your Return

It’s tax time!
The opportunities are plentiful this year due to all of the recent developments in Washington DC. I have been working on a number of strategies for individuals to take full advantage of the new rules going forward for 2018 so in addition to optimizing your returns for last year we can make sure you do not miss out on what the government is offering so many this year.

For example did you know that the tax brackets for 2018 have changed. The AMT (alternative minimum tax) has been eliminated which can have a big impact on how you approach this year. Investment expenses are no longer deductible so you have to be wary of counting on some of the same deductions that you had in 2017. Also your mortgage interest deductible is limited to the interest associated with the first $750,000 of your loan, which is a big step down from the $1 million deduction from last year. This effects those who are in the market for a new home in the city. And lastly the corporate tax has been reduced significantly. For business owners this may provide a big opportunity for savings if managed correctly.

The 2018 C Corp tax rate is now at 21%. You might have the idea of converting an existing flow-through entity to a C Corp. If you want to take advantage of these new, shiny 2018 tax rates, your time is running out; but don't let the threat of time push you into making a decision that you will regret later. Choice of entity is a big decision, one in which your should carefully consider all possible implications. Some business owners might find it more beneficial to stick with a pass-through entity.

Better service & better fees than national firms and franchises because I spend time working with you to make sure we take all the right steps to maximize your return this year. I have 15 year of personal and business tax return experience here in New York. I have saved my clients a lot of money due to my extensive knowledge of the tax system both at the state and federal levels.

There has never been a better time to bring someone like me on to your team. There are just too many changes and opportunities for you right now not to get a professional tax accountant to help you. Again - whether you are an individual, or a small or medium sized business I am sure I can help you.

Preparing your own federal and state income tax returns can be a complicated and confusing process, email aikocpa@gmail.com for a free consultation. All of my replies will be fast and your information is kept strictly confidential!