So we’re closing in on the final countdown to tax day on April 17, 2018. Rest assured you don’t have to come into the office to sign the needed forms, nor do you need to wait on the Post Office to deliver your tax return to you anymore. As long as you have an email address and a smart phone we can send your tax return and the necessary electronic documents to you for an “electronic” signature. Similar to how you are used to signing your name on a credit card machine, your phone is used to capture your signature and the needed information is sent back to us so we can file your tax returns.
If you don’t have a phone and only get your email on your computer, that works as well. You can “sign” by typing in your name.
Need to send us any documents? You can always email them in using our upload link located at www.sendtotshb.com for any sized documents. Need to text us? You can send a text to 559-343-1991.
And of course, we are always here the “good old fashioned way” — in person. You can always stop by the office and we’ll go over your tax return and also showcase what is changing next year.
In fact, here are a few items changing:
Due to the increase in the standard deduction and changes in itemized deductions, it is more important than ever to consider the timing of deductible expenses.
The child tax credit increased to $2,000 per qualifying child. Plus, more people will qualify for this credit since the threshold at which the credit is phased out is increased to $400,000 for married taxpayers ($200,000 for other taxpayers).
There is a new $500 credit for dependents who do not qualify for the child tax credit.
For divorces finalized after 2018, alimony payments will no longer be taxable to the recipient and no longer deductible to the payer.
There are now limitations on the ability to unwind Roth IRA contributions.
With an increased estate exemption, a discussion about the appropriateness of your current estate plan would be valuable.
There is a new deduction for business income. The calculation and limitations are complex, but we can help you.
With the decrease in tax rate for corporations, now may be the time to consider a change in the structure of your business.
Expenses for entertainment are no longer deductible.
Bonus depreciation and Sec. 179 expensing have been expanded for purchases of equipment and improvement property.
More businesses will qualify to use the cash method of accounting; businesses with $25 million or less in gross receipts are eligible.
It’s not too late to discuss all of these issues with us. Call us today at 559-252-8585!