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

China-US ties sinking amid acrimony over trade, politics

Oct 24, 2018

BEIJING — "Both ignorant and malicious" was how the official China Daily newspaper recently described comments by U.S. Secretary of State Mike Pompeo, offering a stinging insight into the current bitter tone of discourse between the countries. The White House's move to expand Washington's dispute with Beijing beyond trade and technology and into accusations of political meddling has sunk relations between the world's two largest economies to the lowest level since the Cold War. A major speech by U.S. Vice President Mike Pence on Oct. 4 was the clearest, highest-level sign that U.S. strategy was turning from engagement to confrontation....

China opens mega-bridge linking Hong Kong to mainland

Oct 24, 2018

ZHUHAI, China — China has opened the world's longest sea-crossing bridge linking Hong Kong to the mainland in a feat of engineering that carries major economic and political significance. Chinese President Xi Jinping attended the ceremony in the city of Zhuhai to cut the ribbon on the 55-kilometer (34-mile)-long bridge linking it to the semi-autonomous regions of Hong Kong and Macau. The $20 billion bridge took almost a decade to build. It includes an undersea tunnel allowing ships to pass through the Pearl River delta, the heart of China's crucial manufacturing sector. It's opening will cut travel time across the...

Melting glacier in China draws tourists, climate worries

Oct 24, 2018

YULONGXUESHAN, China — The loud crack rang out from the fog above the Baishui No. 1 Glacier as a stone shard careened down the ice, flying past Chen Yanjun as he operated a GPS device. More projectiles were tumbling down the hulk of ice that scientists say is one of the world's fastest melting glaciers. "We should go," said the 30-year-old geologist. "The first rule is safety." Chen hiked away and onto a barren landscape once buried beneath the glacier. Now there is exposed rock littered with oxygen tanks discarded by tourists visiting the 15,000-foot (4,570-meter) -high blanket of ice...

Eastern China coal mine accident kills 2, leaves 18 trapped

Oct 24, 2018

BEIJING — Two people died and 18 were trapped in a coal mine in eastern China on Sunday after a rock burst destroyed part of a mining tunnel, state broadcaster China Central Television reported. The spontaneous fracturing of rock — a kind of earthquake induced by excavation — took place around 11 p.m. Saturday in Shandong province. Part of a water drainage tunnel was destroyed in the burst, said the official Xinhua News Agency, and two people were killed by fractured rocks that fell in the tunnel. More than 300 people were working inside the mine at the time of...

China's growth slows as officials try to reassure investors

Oct 24, 2018

BEIJING — China reported economic growth sank to a post-global crisis low as finance officials launched a media blitz Friday to shore up confidence in its sagging stock market. Growth in the quarter that ended in September slipped to 6.5 percent over a year earlier from the previous quarter's 6.7 percent, official data showed. It was the slowest rate since early 2009. The world's second-largest economy already was cooling before a tariff war between Beijing and President Donald Trump erupted. Beijing tightened controls on lending last year to rein in a debt boom. That has weighed on housing sales and...

Sign up now!