Now that you have filed your taxes, how did you do? Did you pay less than you thought you would? Did you get a bigger refund than you expected? If the answer to either of those questions is “No,” you might be an unrealistic optimist, or you might not have had the right person do your preparation. If you answered “Yes” you most likely had a professional help you find all the allowable deductions.
The tax laws are changing dramatically in 2018 and now is the time to begin planning for those changes. With the passage of the Tax Reform Bill nationally and numerous state and local alterations to their tax codes, you need to know how you will be impacted. Did you know that the tax brackets and rates have changed? Learning about those now and taking appropriate action could save you significantly when you file for 2018.
Although few people will want to begin thinking about taxes after having just sent in your forms and writing out checks or awaiting refunds (or still working on your taxes if you filed an extension), meeting with your tax preparer early is a wise idea and can save you time later. Knowledge is power when it comes to planning for the new tax year.
Les Merritt, CPA, can help you as he has for many North Carolina families and businesses for decades. He prides himself and his staff for keeping up with the latest changes in tax codes for the United States, North Carolina and local municipalities. He can help you as well. Contact him today at (919) 269-8553 to set up an appointment to be prepared for next year.