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

More News From Asean Coverage

In North Korea nuke site closing, spectacle trumps substance

May 21, 2018

TOKYO — Foreign journalists will be allowed to journey deep into the mountains of North Korea this week to observe the closing of the country's Punggye-ri nuclear test site in a much-touted display of goodwill before leader Kim Jong Un's planned summit with President Donald Trump next month. Expect good imagery. But not much else. The public display of the closure of the facility on Mount Mantap will likely be heavy on spectacle and light on substance. And the media will be spending much of their time in an unrelated tourism zone that North Korea hopes will be the next...

Police question Thai politicians who criticized junta

May 21, 2018

BANGKOK — Supporters of eight prominent Thai politicians who criticized the country's ruling junta shouted "fight, fight" as the group arrived Monday at a Bangkok police station for questioning. Police are investigating the members of the Pheu Thai party, which was the governing party ousted in a 2014 coup, after they held a news conference last week on the junta's performance despite a police warning not to proceed. Phumtham Wechayachai, the party's secretary-general, said Monday that nothing they'd done had broken the law. "Only three of our party members spoke about the government's performance for the last four years and...

Stars urge Indonesia to ban 'brutal' trade in dog meat

May 21, 2018

JAKARTA, Indonesia — International stars of acting, music and sports have urged Indonesia's president to ban what they say is a brutal trade in dog and cat meat for human consumption. The appeal comes after Indonesian campaigners against animal cruelty and Humane Society International in January exposed markets on the island of Sulawesi where dogs were bludgeoned by the thousands and blow-torched alive to remove their hair before onlookers including children. The letter to President Joko "Jokowi" Widodo released Monday said if Indonesia joined other Asian nations that have already banned the cruel trade, it would be "celebrated globally" and...

Manila takes non-confrontational stand vs China in sea feud

May 21, 2018

MANILA, Philippines — The Philippine government is taking "appropriate diplomatic action" to protect its claims in the South China Sea but did not elaborate or name China in a non-confrontational policy that immediately sparked criticism. China landed long-range bombers on one of its occupied islands in the disputed sea for the first time last week, underscoring its ability to strike across Southeast Asia and beyond and setting off international concern. A Pentagon spokesman said late last week China's "militarization" of disputed areas destabilizes the region. The Philippine Department of Foreign Affairs reiterated Monday that the government is committed to protecting...

Thailand wearies of junta rule, election promise still vague

May 21, 2018

BANGKOK — Four years after seizing power, Thailand's junta has a singular success it never hoped for: uniting a politically divided nation in growing dissatisfaction with the thin-skinned rule of the generals. After rifle-toting soldiers overthrew Thailand's elected government in a bloodless coup in May 2014, the new military leaders, like a succession of Thai coup makers before them, pledged reform and reconciliation and promised they wouldn't stay long. But after repeatedly delaying elections, frustration with the junta and its leader, former army chief Prime Minister Prayuth Chan-ocha, is visibly growing. And far from stepping back, they appear to be...