JUDY'S
WISDOM
WORKING FOR YOU
| 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 Tax Cuts & Jobs Act and the American Rescue Plan Act of 2021 including the tax benefits that were given to those who suffered damage from Hurricane Harvey and the COVID-19 Pandemic. In addition, Judy is meeting with clients to discuss the new Secure 2.0 Act and the Inflation Reduction Act of 2022 which contains many retirement changes and changes to electric vehicles.
SERVICES
Tax Planning
Income tax planning and compliance.
Quarterly Check-ups
Quarterly estimated tax planning to avoid penalties.
Review of Profits
Calculation of 20% pass through deduction from profits under the new tax law.
Consultations
Regarding new credits, deductions for families, and expanded use of Section 529 college plans.
Tax Preparation
Preparation of tax returns for the
IRS & States.
Scheduling Distributions
Covering retirement plans to
social security.
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 step 4. 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 step 3 and step 4.
• 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.
“I have thoroughly enjoyed working with Judy Arfa, CPA. Judy has been my “right hand” person in my company’s accounting and tax function. Judy has anticipated changes that will need to be implemented to achieve the most tax benefits from a myriad of new tax rules. I find Judy to be professional, caring about good results, helpful, and very knowledgeable about current and prior tax changes.
”
Apollo Answering Service
ASK JUDY
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 the COVID-19 Pandemic, can the loss be used in prior years & result in a refund check?
Yes, losses arising in years 2018-2020 may be carried back 5 years or it may be carried forward indefinitely. 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.
NOTE: losses arising in 2021 and later may not be carried back but may be carried forward indefinitely.
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.
STILL HAVE A QUESTION?
| Send Judy an Email