CRAZY TIME for a tax professional. There is so much talk about the new tax plan. While it has made it through reconciliation there still has not been a vote. Once voted on the President has to sign it into law. Then, and only then, will we really, really know what is in it. The following we are fairly sure will be there:
1) State and local taxes capped at $10,000
2) Standard deduction doubled
3) Personal Exemptions are gone
4) Mortgage interest capped at loans = to $750,000 or less
5) Interest on second homes is out, one house only
6) Interest on home equity lines of credit is out unless it is acquisition debt
7) Corporate top tax rate reduced to a flat rate of 21%
8) There is a 20% deduction for pass through business income. There are limitations.
Regulations now have to be written by the IRS. this will clarify how, exactly, these new laws are implemented. As the regulations take shape our advice will come into focus as well. We will be able to answer most basic questions during your 2018 tax appointment. More involved discussions that require more analysis will be handled separately. We will let you know if a separate engagement is needed. Do not run out and incorporate until you have had a chance to go over your circumstances with us. Much is changing with this new law but much is remaining the same. We will detail the basics over the next few weeks.
Tax Help: Wellesley, Weymouth, North Easton. Servicing neighboring towns that include Hingham, Quincy, Braintree, Sharon, Mansfield and many more in Massachusetts. EBPI is a firm large enough to offer a full array of accounting services (tax help, payroll, bookkeeping, and consulting services), but small enough to know you on a personal level. Offering accounting services in Wellesley, Weymouth and North Easton since in 1992, EBPI is a group of professionals offering top-notch credentials and experience. Over 1500 personal and 100 corporate and partnership returns each year, over 60 bookkeeping accounts serviced monthly, and full service payroll provided to small businesses that employ up to 20 employees. All tax returns are signed by Enrolled Agents with a minimum of 15 years tax experience. Whatever your business needs, you can expect the full resources you would receive from a larger firm with the signature personalized attention we offer each of our clients.