We know your head is probably spinning with tax reform questions. After all, this is the most wide-ranging tax reform since 1986. Having said that, not paying attention to the changes coming with the new tax law could cost you a significant amount of money. So, what are the major implications of the tax reform and who will be affected the most? What steps should you take to make sure you’re properly prepared to file your taxes?
In this article published by the Cleveland Jewish News, it explains the tax law further with this important takeaway:
“It’s far-reaching and impacts corporations, pass-through businesses and impacts the individuals. High earners that own businesses and make, for example, a quarter of a million dollars, there are many things that will impact you.”
Make sure to read this informative article online. In the article you will learn more about the Tax Cuts and Jobs Act and how it will affect you, including:
- Changes to the itemized deduction and standard deduction limits
- What the new tax rates are
- How charitable donations will be handled
Go to Rea & Associates’ Tax Reform Resource Center to learn more about the Tax Cuts and Jobs Act and what the law means for you. Email Rea & Associates for more in-depth expertise for your unique tax situation. Or contact Cindy Kula directly at 216.573.9053 or cindy.kula@reacpa.com