As many of you know, this is the first year in which the changes in the Tax Cuts and Jobs Act passed in 2017 really take effect. These changes are massive, and could drastically change how much in taxes you owe for better or worse. These changes mean that your business needs to hire a tax preparer to make sure your business doesn’t overspend. Let’s jump right in with 2 reasons why you need to hire a tax preparer this year.
Many Deductions Have Disappeared
If you have been careful about keeping track of your deductions and feel like you know the tax laws well enough that you can adjust, then you’re not grasping how drastic the changes in this new tax law are.
Chances are quite likely that your deductions are much lower than previous years and you can even end up owing much more in taxes than you are prepared for. A tax preparer can make sure that you
You Might Qualify for New Deductions and Tax Credits
It’s also possible that this new tax law can save you even more on your taxes, and you need a tax preparer who can help you save as much money as you can on your taxes. The new changes are complicated and while some deductions have gone away, some taxes may have increased, some may have also decreased and it’s possible that you have new opportunities to save more on your taxes. It all depends on the individual, the business, and your income.
You can’t know what your circumstances are until you start filing and let the IRS surprise you or you hire a tax professional who can help you navigate this unique tax year.
Have patience this tax year. Know that this tax law is good news for some and bad news for others and that it’s going to take some reorienting before you’re able to adjust and comfortably prepare for the next year.
In order to do your taxes correctly, you need accurate books. That’s why on top of a professional tax preparer, you need a bookkeeper. If you don’t have one yet, you are putting your business at risk, Email us at email@example.com to find out more about our awesome bookkeepers!