| Since 1986
Judy has been preparing tax returns for over 30 years which has given her expertise in a variety of areas – individuals, partnerships, corporations, trusts, and estates. She is familiar with tax law changes dating back to 1986 and is highly qualified to advise on the new Tax Cuts & Jobs Act including the tax benefits that were given to those who suffered damage from Hurricane Harvey. Currently, Judy is carrying back losses from Hurricane Harvey to prior years’ tax returns and filing for refunds with the IRS.
Income tax planning and compliance.
Quarterly estimated tax planning to avoid penalties.
Review of Profits
Calculation of 20% pass through deduction from profits under the new tax law.
Regarding new credits, deductions for families, and expanded use of Section 529 college plans.
Preparation of tax returns for the
IRS & States.
Covering retirement plans to
CHECK YOUR WITHHOLDING
• If you are employed at a company, this month is a good time to make certain that enough federal income tax has been withheld from your pay during the year.
• If you determine that your company has withheld too little, adjust your withholding now. Complete a new form W-4 and be sure to put an amount on line 6. You'll have penalties & interest on April 15th if you are not paying enough taxes during the year.
• If too much has been withheld, complete a new W-4 and change lines 3 and 5.
• The same is true if you are self-employed. Make certain that your quarterly payments will cover your tax bill for the year. Otherwise, penalties & interest will be added to your tax bill on April 15th.
Under the new tax law, did rates change for capital gains?
The Act generally retains present-law maximum rates on net capital gains and qualified dividends.
For those who have a net operating loss from Hurricane Harvey, can the loss be used in prior years & result in a refund check?
Yes, the loss may be carried back 3 years or it may be carried forward to 2018. The loss should be utilized in a year where the taxpayer was in a high tax bracket. This will produce the most refund dollars. All other personal & casualty losses except those from a federal disaster area are no longer deductible under the new law.
Can we still deduct non-business property taxes under the new tax law?
A taxpayer may claim an itemized deduction of up to $10,000 which is the sum of state & local property taxes + state & local income or sales taxes. Foreign real property taxes may not be deducted.
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