Tax accountant and small business CPA, Richard Bramhill, Reveals Why Tax Changes Require Help From Accounting Firms - Fishers, IN

Recent interview with CPA Richard Bramhill, highlights the significant role accountants and CPAs will play in helping clients with changes in the new tax laws. For more information please visit http://www.lionhearttaxandaccounting.com/

In a recent interview accountant and CPA Richard Bramhill, owner of Lionheart Tax & Accounting in Fishers, Indiana, highlighted the significant role accountants and CPAs will play in helping clients with the changes in the new tax law.

For more information please visit... http://www.lionhearttaxandaccounting.com/

The Tax Cuts and Jobs Act of 2018 signed into law by President Trump came into effect on January 1, enacting changes to the country’s tax code. The majority of the changes will run until 2025.

When asked to comment, Mr. Bramhill said, “The main takeaway for me is that these changes are not as simple as most thought at first glance. So if you want to maximize the effects of the changes you should speak to an experienced tax accountant.”

Regarding individual filing, Bramhill pointed out that taxpayers can look forward to nearly doubling their standard deductions.

“Although this increase in standard deductions comes as welcome news, personal exemptions have been eliminated for the time being” Bramhill said.

Another positive development for taxpayers is that the new code introduces lower tax rates on personal income, with savings increasing in higher income brackets.

The exact amount of tax withheld by employers should become clear in the weeks to come. In a statement made in late December, the IRS announced that the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

Some of the most discussed changes, Bramhill says, are related to owners of pass-through entities, which include LLCs, sole-proprietorships, partnerships, and S corporations.

“Owners of pass-through entities can enjoy deductions of up to 20% of ‘qualified business income.’ However, there are many situations in which this rule may not apply. A CPA can help clients understand these situations and advise accordingly,” Bramhill said.

This is expected to have a widespread impact in the business world as pass-through entities comprise 95% of all companies in America, according to numbers from Business Insider.

All in all Bramhill was positive about the changes in terms of business but reiterated the need for business owners to seek professional advice to make the most of them.

For more information please visit... http://www.lionhearttaxandaccounting.com/

Contact Info:
Name: Richard Bramhill
Email: Send Email
Organization: Lionheart Tax and Accounting, LLC
Address: 10142 Brooks School Rd Suite 206, Fishers, IN 46037, USA
Phone: 317-597-0606
Website: http://www.lionhearttaxandaccounting.com/

Source URL: http://RecommendedExperts.biz/

Release ID: 297666