Long Island tax accountant and small business CPA reveals significance of accounting services regards tax changes – Ronkonkoma, NY

Accountant Michael J. Berger has just highlighted how important accountants and CPAs will be in helping guide clients through changes to the new tax reform. Source: http://RecommendedExperts.biz/

Long Island, New York, United States - February 8, 2018 /MM-REB/ —

In a recent interview, Accountant Michael J. Berger highlighted how important accountants and CPAs will be in helping guide clients through changes to the new tax code.

For more information visit http://www.bergercpa.com/

On January 1, the Tax Cuts and Jobs Act of 2018 signed by President Donald Trump came into effect, stipulating changes to the tax code. Most of the changes are set to end in 2025.

Due to the sweeping changes in the new tax code, Mr. Berger says, it’s best if taxpayers seek financial experts before making changes to spending habits or their financial plans.

“Although everyone has been anticipating the new tax plan for months, the impact of the act at the individual level is not likely to require an overhaul of your financial plan or day-to-day spending,” Berger said.

At the individual level, taxpayers will most likely benefit from the nearly doubling of standard deductions, even though itemized deductions have been temporarily stalled.

“Another change to individual taxes is that the rates on personal incomes have been lowered. A certified public accountant will take all these factors into consideration to calculate exactly how much money will be saved by the end of the next fiscal year,” Mr. Berger commented.

The amount of taxes withheld should become clearer in the coming days. In a statement made in late December, the IRS said the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

One of the most complex changes to the code, Berger says, is at the enterprise level regarding pass-through entities such as LLCs, partnerships, and S corporations. Pass-through entities dominate the business landscape and make up 95% of all businesses in America, according to Business Insider.

“The new stipulations are likely to benefit business owners by allowing them to claim up to 20% of ‘qualified business income.’ However, as these rules are not clear cut, a CPA can pinpoint how they can be implemented for a certain business,” Berger said.

Whether or not you’re filing as an individual or a small business owner, Mr. Berger says, getting in touch with a CPA is the best way to move forward.

“Not everyone will see their tax returns affected in the same way. The new changes are quite broad, and a CPA can explain the variables at play according to your specific situation and advise you accordingly,” Mr. Berger said.

Source: http://RecommendedExperts.biz/

Contact Info:
Name: Michael J Berger
Organization: Michael J Berger & Co CPA's LLP
Address: 3425 Veterans Memorial Hwy, Ronkonkoma, NY 11779
Phone: (631) 471-3400

For more information, please visit http://www.bergercpa.com/

Source: MM-REB

Release ID: 294403