Back Tax Accountant and Business CPA highlights the importance of accountants to help with new tax reform – Orlando, FL

Pauline Ho, a leading CPA in Orlando, Florida, has recently highlighted the significant role accountants and CPAs will play in navigating clients through changes in the new tax laws. For more information please visit http://lausconsult.com/

Orlando, FL, United States - February 14, 2018 /MM-REB/ —

In a recent interview Accountant Pauline Ho highlighted the significant role accountants and CPAs will play in navigating client through changes in the new tax code.

For more information please visit http://lausconsult.com/

On January 1, the Tax Cuts and Jobs Act of 2018 signed by President Trump came into effect, revamping the tax code by introducing new changes. Not all changes will be permanent, however, and most will expire in 2025.

When asked to elaborate, Mrs. Ho said, “These broad changes at both the enterprise and individual levels mean that the impact of the new tax code will not be the same for everyone. Consulting with an experienced accountant will ultimately help you save by taking advantage of deductions.”

Owners of pass-through companies in certain sectors, Ho says, are expected to be one of the main benefactors of the new tax code.

“The new tax law allows for small businesses to claim 20% of ‘qualified business income’ in their returns. However, there are several limitations to this new rule. A qualified accountant can advise businesses owners how they can make the most of these deductions,” Ho said.

This is expected to have repercussions throughout the business world, Mrs. Ho says, as pass-through entities - which include sole-proprietorships, partnerships, S corporations, and LLCs – comprise 95% of all businesses in America, according to figures from Business Insider.

The tax code also introduces significant changes for personal filing. Taxpayers can expect lower tax rates on personal income, with higher earners receiving higher cuts. The new tax code also calls for a temporary end to personal exemption and for an increase in standard deductions.

“With these new variables introduced into the equation, a CPA will calculate how much these changes will affect a client on a month-to-month or yearly basis, as well as how to maximize overall savings,” Mrs. Ho said.

The IRS plans to shed light on how much will be withheld by employers. In a statement made in late December, the IRS said that the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

While the changes seem significant, Mrs. Ho says, there’s no need to reconfigure financial plans and goals.

“The majority of people are not likely to see a massive swing in their overall returns for the next tax year. However, contacting a professional accountant is the best way to ensure that the necessary adjustments are made to spending habits or financial plans,” Ho said.

Source: http://RecommendedExperts.biz/

Contact Info:
Name: Pauline Ho
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814, USA
Phone: 407-401-9768

For more information, please visit http://lausconsult.com/

Source: MM-REB

Release ID: 300509

Latest News

Australian who irked Duterte wins appeal, still faces ouster

Jun 18, 2018

MANILA, Philippines — The Philippine justice secretary on Monday revoked an immigration expulsion order for an Australian nun who had irked the president by joining political rallies, but said she still faces possible deportation. Justice Secretary Menardo Guevarra said the Bureau of Immigration's cancellation of Sister Patricia Fox's missionary visa was "without legal basis" because the agency did not have that power. Guevarra, however, ordered the bureau to proceed with efforts to deport her for another alleged offense. "What the Bureau of Immigration did in this case is beyond what the law provides, that is why it has to be...

Kirin investigates if donations went to Myanmar's forces

Jun 18, 2018

TOKYO — Japanese beer company Kirin is investigating whether donations intended for charity instead went to Myanmar's military, which is accused of brutal attacks against Rohingya Muslims. Amnesty International has urged Japanese authorities to look into donations Kirin's subsidiary Myanmar Brewery made in September and October. A televised ceremony for a $6,000 donation showed the commander of Myanmar's military. Tokyo-based Kirin Holdings Co. acknowledged Friday it needs to better monitor its donations and said it had halted them in Myanmar until the investigation is finished. It was unclear how long that will take. Seema Joshi, head of business and human...

Filipino Muslims mark Eid in ruins of war-torn Marawi

Jun 18, 2018

MARAWI, Philippines — Muslim residents of a southern Philippine city devastated by last year's bloody militant siege celebrated the Islamic holiday of Eid al-Fitr Friday in gunfire-riddled mosques while many whose homes were leveled by the fighting prayed in tent shelters. A few thousand people walked past burned homes to Marawi city's landmark, the pockmarked Golden Mosque, to celebrate the three-day feasts marking the end of the holy month of Ramadan. In an evacuation center elsewhere in the lakeside city, the homeless prayed in the open for an end to their misery. "What happened to us is very painful because...

Singapore Postcard: Summit adds value to North Korea's coins

Jun 18, 2018

SINGAPORE — Stamped with images of "Eternal President" Kim Il Sung, national monuments or even ballistic missiles, coins minted in North Korea are renowned among collectors for their scarcity, partly due to international sanctions that outlaw them from being auctioned. Now collectors in Singapore who have spent tens of thousands of dollars acquiring the coins are happy that Tuesday's summit is driving up prices and ushering first-time buyers into the market. Joseph Poh, who has been buying and selling North Korean coins for two years, made his largest sale after the confirmation of a summit between North Korean leader Kim...

Kim takes night tour of Singapore ahead of summit with Trump

Jun 18, 2018

SINGAPORE — North Korean leader Kim Jong Un left his luxurious hotel for a late-night city tour of Singapore on Monday, just hours ahead of his historic summit with U.S. President Donald Trump. Kim spent much of the day out of public view, sparking media speculation he was planning his strategy for the Tuesday summit with Trump. But in the evening, he left the St. Regis hotel and visited the Flower Dome at Gardens by the Bay with Singaporean Foreign Minister Vivian Balakrishnan. The foreign minister posted a selfie of him and a smiling Kim wearing his trademark dark Mao...