Tax Preparation For Tax Season 2018 with Brooklyn’s Best CPA
Tax Town of Brooklyn Offers Complete Services For Your Tax Needs
As we turn the calendar to a new year, it’s time to begin your Brooklyn NY tax preparation. When in need of an accountant Brooklyn residents and business owners trust Tax Town of Brooklyn to save them money and get their taxes done right. With new federal tax laws now in effect, this is the right time for a CPA Brooklyn relies on every year to get the best refund and pay the least among in taxes.
We know that you have a lot of questions about the new tax laws passed at the end of 2017. While most of the tax law changes will not affect your 2017 taxes, it’s still important to work with your accountant Brooklyn residents and business owners know to offer smart advice.
For example, here are a few of the deductions going away in 2018:
- Personal exemptions. The $4,050 personal exemption is being absorbed into a new, higher standard deduction for all taxpayers.
- Home equity interest. Interest paid on home equity loans goes away with the dawn of 2018, and there’s no grandfathering provision for loans taken out before 2018.
- Moving expenses. People changing jobs and moving far away will not be able to deduct these nonitemized deductions beginning in 2018.
- Casualty and theft. Under the old law, any casualty losses exceeding $100 plus 10 percent of your adjustable gross income were deductible. Now, those losses can only be written off for natural disasters, not fire or theft.
- Job expenses. Previously, tax preparation professionals looked for licensure fees, required medical tests, and required and unreimbursed continuing education to find possible deductions, as long as they exceeded 2 percent of your adjusted gross income.
- Subsidized travel reimbursement and parking. Employees who received up to $225 per month from their employers to cover transit passes or parking did not need to declare those perks as income Under the new tax laws, the corporate deduction for those expenses is eliminated.
Tax Town of Brooklyn is a CPA Brooklyn can rely on to help navigate the complexities of the new tax regulations. We offer extensive services to our Brooklyn NY clients, including:
- Tax preparation, including completion of all necessary paperwork and filing with the IRS and relevant state and local agencies.
- Corporate tax management, such as taxes on income, properties, and equity. Let our experienced tax advisors help make sure your tax obligations are handled properly and filed on time.
- Estate taxes, providing you and your loved ones with peace of mind. We help settle estates and manage the complex and emotional processes associated with preparing and managing your estate.
- Audit services, in the rare case that your return is audited. We will help manage the audit process, including reviewing your returns and working with the IRS to ensure that your tax issues are handled fairly and quickly.
Tax Town of Brooklyn also provides payroll management services, ensuring your employees are paid on time and all appropriate tax obligations are met. 2018 tax season is upon us, start your tax preparation now with Tax Town of Brooklyn.