Accountant and CPA, Jeffrey A. Campbell Explains Importance Of Accounting Firms Regarding New Small Business Tax Legislation Mayfield HeightsPosted: Updated:
Jeffrey A. Campbell CPA, has just highlighted the important role of accountants in helping small businesses and individual clients navigate changes to the new tax code. For more information please visit http://mayfieldheightscpa.com/
Mayfield Heights, Ohio, United States – March 12, 2018 /MM-REB/ —
In a recent interview, accountant and CPA, Jeffrey A. Campbell, has just highlighted the important role of accountants in helping clients navigate changes to the new tax code.
For more information please visit http://mayfieldheightscpa.com/
“The Tax Cuts and Jobs Act of 2018 introduces sweeping changes that will impact nearly every taxpayer in the country. An experienced accountant can help determine how much you’ll be able to see on next year’s tax return,” Campbell said.
The new tax legislation came into effect on January 1 President Donald Trump signed it into law, enacting changes at the business and individual levels. Most of the stipulations will last until 2025.
One of the most talked-about items on the agenda, Campbell said, is the new deduction available to pass-through entities. Pass-through companies – which make up 95% of the businesses in the US – include sole-proprietorships, LLCs, and S corporations.
“The new tax code now allows owners of small businesses to deduct as much as 20% of their ‘qualified business income’ with some caveats. If you’re a small business owner, you should contact an experienced accountant to find out the best way to take advantage of the new deduction,” Campbell said.
While accountants can help in creating a new tax strategy, they can also assist in adjusting your financial plan to align with new changes to the tax code. Changes at the individual level include lower personal income tax rates, an increase in standard deductions, and a hold on itemized deductions.
When asked to elaborate, Campbell said, “The new tax code will affect everyone differently depending on each person’s specific tax situation. That said, we don’t think that the changes introduced will dramatically alter take home earnings or daily spending habits immediately.”
Campbell added, “With so many factors at play, working with a CPA will help simplify the changes and pinpoint how the new reform will affect your monthly earnings, as well as what your next tax return will look like,” Campbell said.
Name: Jeffrey A Campbell CPA
Organization: Jeffrey A Campbell CPA
Address: 6624 Pepper Hollow Ln, Mayfield Heights, OH 44124, USA
For more information, please visit http://mayfieldheightscpa.com/
Release ID: 312305
Information contained on this page is provided by an independent third-party content provider. Frankly and this Station make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact firstname.lastname@example.org