As usual it was such a fabulous honor to be on channel 3 this morning here in Arizona. I got to talk about some tips for individual taxpayers this year. They’re definitely some big changes coming in this year and a lot of them aren’t so fabulous.
Honestly, if you haven’t sat down the plan with your CPA, now is the time to do it. There were some changes in the amounts of items that you are allowed to deduct depending on how how you and him gets. With that being said the closer you get to 200,000 the less write offs are going to be allowed to take, when compared to previous years.
Once you get over 200,000 you’re going to start losing things like your itemized deduction, your personal exemption, you’re going to get hit with another 3.8% tax on investments and .9% tax on Medicare. If you haven’t planned with your CPA you’re going have a big tax bill and you’re not going to be ready for a it.
I suppose this little post is just my reminder, again, please meet with your CPAs in November, December, or January of each year so that you know what’s going on with your tax bill. I have seen too many people where they were shocked on April 15 that they owed and if they had just spent half an hour with their CPA they would’ve been able to know that three or four months in advance.
If you need a CPA, what you are one of our clients need an appointment to go over your text Bill, please use the link below and get in contact with me 🙂