Hiring an expert versed in the trade of keeping accurate account for Uncle Sam may be best, when opting to file wisely for this upcoming tax season; particularly in light of the recent shift of legal financial responsibilities with the chronologically-tiered implementation of the Tax Cuts and Jobs Act to be enacted in November 2018.

It is not enough that taxes affect every aspect of our lives from the degree of the return we get, to how much in taxes are owed to the government, even to the cost of Health Insurance. Sales tax, and the plethora of business tax and reform that are implemented to ensure the viability and success of your business, correct tax credit reconciliation, legal repercussions from the state are all necessary aspects in continuing the cycle of tax political correctness and account with the state.  

Let’s consider one facet of the tax laws made-complex with the new legislation kicking in during 2018, ’19, and the latter part of 2020, and not past 2025.  

For Businesses 

Determining how to allocate taxes along the chain of return and investment is then another principal consideration before electing how to contribute in filing by your own hand if you operate a for-finance enterprise.  

Whether you file as a(n):

• S Corporation  
• C Corporation 
• Sole Proprietorship 
• Partnership

SOURCE: https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/#261c645944fd

These are options that can be discussed and thoroughly weighted and assessed at Advanced Tax Advisors. This is but one feature of the several couple-dozen adjustments that are to take place in the tax preparation reform for the fiscal year of 2018. Our experienced accountants and preparers at Advanced Tax Advisors in Miami, Florida, can guide you through the new changes of this 2018 year and how this is to affect your, your family’s, and business’ financial accessibility.