Enrolled agent Jaswant S. Jessie highlights the importance of accounting firms in dealing with new tax reform – Sunnyvale, CA
Feb 22, 2018
Jaswant S. Jessie, founder of Jessie Tax Services in Sunnyvale, CA, highlights the critical role accountants and CPAs will play in helping clients understand and navigate changes in the new tax reform.
Sunnyvale, CA, United States - February 22, 2018 /MM-REB/ —
Accountant and Enrolled Agent Jaswant S. Jessie, founder of Jessie Tax Services in Sunnyvale, CA, highlights the critical role accountants and CPAs will play in helping clients understand and navigate changes in the new tax reform.
For more information please visit http://jessietax.com/
On January 1, sweeping changes were introduced to the new tax code as the Tax Cuts and Jobs Act of 2018 came into effect. However, most of these changes are temporary.
When asked to comment, Jessie said, “The new stipulations to the tax code will affect nearly every taxpayer. The important thing to remember is that most of the changes will last until the 2025 fiscal year.”
Jessie added that new regulations on deductions at the business and individual levels are likely to affect people differently depending on their earning potential.
“A Tax professional accountant can help you to pinpoint how to maximize tax savings given the new tax reform and your specific tax situation,” he said.
One of the ways an experienced tax expert can help, according to Jessie, is by creating a new tax strategy for a pass-through entity, which include partnerships, S corporations, LLCs, and sole-proprietorships. According to Business Insider, pass-through entities make up 95% of all businesses in America.
“New regulations allow for owners of small businesses to claim up to 20% of ‘qualified business income’ as deductions subject to several restrictions and limitations. A tax professional can advise clients as to how they can use this new deduction system on their returns to reduce tax liability,” he said.
Outside of the business environment, significant changes have also been introduced at the individual level.
“The new tax code lowers personal income tax rate and increases standard deductions while temporarily putting itemized deductions on hold. Most people would like to know how this affects their monthly paychecks as well as their annual tax status, which is something that an experienced tax professional can help determine,” Jessie said.
The amount that will be withheld from an employee’s paycheck should become clear in the coming weeks. In a statement made in late December, the IRS announced that the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”
“For many of my clients, the ramifications of the tax legislation on individuals may require to make some changes to monthly or yearly budgets. Consulting with a Tax Preparer can help you understand how things need to be adjusted to meet your financial goals,” Jessie said.
Source: http://RecommendedExperts.biz/
Contact Info:
Name: Jaswant S. Jessie
Organization: Jessie Tax Services
Address: 1491 S Wolfe Rd, Sunnyvale, CA 94087
Phone: (408) 736-2451
For more information, please visit http://www.jessietax.net/
Source: MM-REB
Release ID: 304144
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