What is the new tax law going to do to my taxes?

That has been a popular question around here since Congress and the President passed the Tax Cuts and Jobs Act in December of 2017.  If you have asked that same question, the answer is not unlike many other tax questions… the answer is, “it depends”.

As Verne Lunquist once said on a college football broadcast, “There are few truths in a world of uncertainty.”  This has certainly been true about the new tax law, but we are starting to learn (and get additional clarification on) more regarding the changes enacted and how they will apply to each of our individual, business and farm clients.  Rest assured, the tax law will impact every single one of our clients.  We believe the majority of you will see your tax liability reduced.  Unfortunately, we have seen a couple cases where the taxes may increase.

The greatest impact of the tax law changes will be felt by our business/farm clients.  Now that we know a little more about the impact of some brand-spanking-new items, such as the Qualified Business Income Deduction (QBID), we will begin the process of reviewing those most affected.  We will be reaching out to you over the next several months to go over the changes and how they will impact you.  In some cases, there are business decisions to be made that could make a tangible impact on your tax liability for 2018.

We want to be proactive regarding this tax change, and you will want to know how this change will impact you going forward.  If you would like to see us sooner, please don’t hesitate to call us at (334) 289-0620, or email me at rob@masongardnercpa.com.