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New Year, New Tax Laws, & Tips for Choosing the Right CPA

Taxes

The new year is here and, along with it, new tax laws. If you’re like most people, somewhere in your new year's resolutions there’s a financial goal and probably a plethora of questions to follow, especially if you’re trying to navigate all the ways the new tax laws will affect you.

If you’re trying to navigate taxes or searching for a great CPA to help you work through everything and start of the year right, you’re in luck! Mark Fishman, CPA, MST at Cain & David, outlines some of the essentials in choosing the right CPA for you in his article, Tips for Choosing the Right Tax Preparer.

Selecting a CPA you can trust and who’s qualified, is a great start towards a bigger, better, bolder new year, but Fishman also shares some key changes to look out for in regards to the new tax law, including…

  1. Itemized Deductions
    (Phone, mileage, etc. will no longer be deductible at employee level, so make sure you’re reimbursed by an employer when necessary and your employer can write it off).

  2. Section 199 Deduction Qualifications

  3. Change in Alimony Rules

  4. Higher child tax credit

  5. Higher standard deduction for charity

While these are just some of the ways the new tax law may affect you, you can find more information and make sure you’re prepared to cover all pertinent discussion points with your CPA by visiting Turkey & Taxes, a blog by Mark Fishman covering all things tax-related, or by visiting the IRS’ website for a variety of information and resources aimed at helping you take on the world of tax.