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Preparing For the 2018 Tax Year After Tax Reform

According to Benjamin Franklin, “nothing can be said to be certain, except death and taxes”. With the passage of the Tax Cuts and Jobs Act at the end of 2017, tax rates were lowered for almost everyone. While this is certainly positive, it also means the what people used to understand about the tax code may no longer be true. The changes are so substantial that the IRS is revising over 400 forms and publications to reflect the changes ahead of the 2018 tax season which starts in early 2019 – nearly double the typical number of annual changes. If there was ever a year to use a tax professional or good tax prep software, this is it.

The wise taxpayer realizes that taxes don’t just happen on April 15th, but are a constant process of planning and adjusting. This means understanding the taxes you are likely to owe, and planning your withholding appropriately. Even if your withholding was correct in the past, the new tax laws may have made that withholding calculation obsolete.

This series of articles will mention the more substantial changes to the tax code, but it is important to research everything thoroughly before completing your taxes.

Whole Story at TFX.

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