How This New Tax Law Could Affect You
The Tax Cuts and Jobs Act, which was enacted in December 2017, was the most significant amendment in several years. It made everyone sit up and think as it changed the way accountants made decisions in entity classification for clients while filing returns.
Choosing the right type of entity for your business dramatically affects the taxes you may owe, so it is worth taking it seriously. Nevertheless, as always with new tax rules, it’s a challenge for clients to understand how to comply with the changing tax code and so rely on their accountants for guidance.
However, as the tax code does not have significant changes often, accountants can become complacent with their client interactions. Suddenly when there is a significant change, the accountant will file the returns correctly, but may not do enough to take advantage of the loopholes available as they have to satisfy many clients, and have limited time.
In this type of scenario, it’s vital that you are proactive and work with an astute accountant that is continually updating their knowledge. They should also go the extra mile to educate you on the latest changes so that you can structure your business to take full advantage of the benefits.
So anytime that a particular event happens in your business and your life, it’s vital that you keep your accountant abreast of the changes, as it will help them keep you well informed.
I always keep up to date with the latest tax changes to serve my clients’ needs, so if you are looking for a reliable accountant in Katy, Fulshear, and Bellaire, Texas, that can improve your bottom line, reach out to Terry Barker, CPA.
With years of experience, I offer professional accounting services that cater directly to the specific accounting goals of my clients and specialize in tax preparation for individuals and businesses.