How are Numbers Looking on Actual 2018 Tax Returns?

Are you having to pay more income tax for 2018 than you planned?🇺🇸 Jack Cohen CPA joins us for a quick interview to share what he’s seeing as 2018 returns are processed.

You may not be getting as big a tax refund this year because of the way withholding is calculated under the new law…instead, you most likely keep more with every paycheck. The IRS will be releasing a new W-4 form later this year which could complicate withholding for employees.

Most Americans are indeed paying less federal income tax overall UNLESS you live in a high-income/property tax state like California, New York, New Jersey or Illinois.

Section 199A of the new law is great for business owners, but there are special situations CPAs are working through for the first time. Small changes can significantly affect your bottom line and calculations can be complex. Good idea to get a second opinion if your 2018 return doesn’t seem quite right.

Contact Jack Cohen for a Free Review of your tax return – no strings attached: 702-255-2330

Resources:

2017 Law Cut Taxes for Most Americans – NY Times

Campbell Jones Cohen CPAs – Website