TAXES IN 2018 – A WORLD OF CHANGE FOR MANY TAXPAYERS

Many people will be very pleased with how the new tax law treats them in 2018.

Last year, we did projections of 2018 Federal tax based on 2017 income and deductions.

Clients can refer to the projection at the front of the tax return booklet.   The projections did not reflect the Qualified Business Income Deduction for those with self-employment, rental and pass through entity (K-1) income. 

The rules are very complex and must be applied on a case by case basis.