Tax accountant and small business CPA, Gary Merz, explains importance of accounting firms regarding tax changes – Olympia, WA

Accountant Gary J. Merz has just highlighted the significant role accountants and CPAs will play in helping clients navigate changes in the new tax code. Source http://RecommendedExperts.biz

Olympia, WA, United States - February 8, 2018 /MM-REB/ —

In a recent interview Accountant Gary J. Merz highlighted the significant role accountants and CPAs will play in helping clients navigate changes in the new tax code.

On January 1, the Tax Cuts and Jobs Act of 2018 became effective and stipulated changes to the tax law. Most of these changes are temporary and will end 2025.

When asked to comment, Mr. Merz said, “The new tax code will impact people differently depending on their earnings, deductions, and whether or not they have a small business. If you’re unsure how much money you can save on your taxes, the best thing to do is contact an experienced accountant.”

Regarding individual taxes, Merz says, taxpayers can look forward to lower tax rates on personal income. Savings on tax rates increase as income increases.

While the dust from the new tax code will take time to settle, the amount withheld should become clearer as employers implement the tax code in payroll. In a December 26, 2017 statement, the IRS stated the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

“Another development is that standard deductions have nearly doubled, while itemized deductions have temporarily been eliminated. The best way to learn how monthly earnings and annual tax filings will change is to get in touch with a CPA,” Merz said.

The new tax code, Mr. Merz says, will require taxpayers to seek financial experts in making small adjustments to their short to medium-term fiscal plans.

“We don’t expect that most people will need to overhaul their financial plans or change their spending habits, but it’s best to speak with a professional to pinpoint what needs to be adjusted,” Mr. Merz said.

The new tax law also affects small enterprises such as pass-through entities, including LLCs, sole-proprietorships, partnerships, and S corporations. These entities make up 95% of all companies in America, according to Business Insider.

“Owners of small enterprises are now able to claim more deductions as part of ‘qualified business income,’ but there are a number of exceptions to this rule. A CPA will make sense of all these exceptions and can advise what is and isn’t deductible,” Merz said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Gary J. Merz
Organization: Budd Bay CPA INC. PS
Address: 605 11th Ave SE, Olympia, WA 98501
Phone: (360) 786-9515

For more information, please visit http://www.bbaycpa.com/

Source: MM-REB

Release ID: 294411