The rules that determine how the nation’s tax code gets applied in practice are constantly evolving. Each year, the Internal Revenue Services issues hundreds of rulings that reflect updated understandings of particular laws and past determinations.
With a brand-new overhaul of the federal tax statutes now in place, the situation for many filers has become even more complicated. Experts at Tax Preparation in Manhattan like those at website, however, are always ready to help out.
Many New Issues for Taxpayers to Account For
The Tax Cuts and Jobs Act of 2017 made for the single largest modification to the federal tax code in decades. As a result, even many taxpayers whose situations have not changed will find themselves facing new challenges and questions when it comes time to file.
In just about every case, it will be helpful to get some help with Tax Preparation in Manhattan. Some of the issues that tax experts will be ready to advise their clients about relate to matters like:
- Limited deductions.
- Although the Tax Cuts and Jobs Act was promoted largely on the basis of its reduction to certain tax rates, it has also made things more difficult in certain respects. Taxpayers who used to be able to deduct the full amount of their state-level income taxes on their returns, for instance, will now find significant limits in place. Many deductions that used to be available to individual filers have now been eliminated, with an increased standard deduction being meant to help take up the slack.
- Pass-through income.
- One of the headline-level achievements of the Tax Cuts and Jobs Act was a reduction of the top corporate tax rate. That alone would have left millions of business owners in the lurch, however, since most companies actually function as pass-through entities whose income gets taxed on the proprietor’s return. In order to avoid that, a new deduction for business income was added, though the rules governing its applicability are more complex than many had expected.
The Best Way to Prepare and File a Tax Return
As receiving help with filing taxes from an expert is almost always affordable and convenient, many taxpayers will do well to avail themselves of this option. Particularly in light of the many modifications to the tax code that have now come into effect, most taxpayers will do well to seek some assistance.
Follow us on Twitter for our latest updates!
