Get a Forward Look at Tax Reform Impact on Your 2018 Tax Return
2 min read
February 23, 2018 • Block Advisors
Block Advisors is offering clients a Forward look of how the tax reform legislation with Tax Cuts and Jobs Act (TCJA) will impact them. With tax withholding changes now affecting employee paychecks, the amount of take-home pay is just part of the overall implications of tax reform.
Enter the Personalized Analysis
Block Advisors clients will receive an added benefit – outside of personalized tax preparation and maintaining a year-to-year relationship with a specialized advisor… Every client who files with Block Advisors will receive a 365 Tax Plan including a personal forecast of the impact of the TCJA which will include an estimate of whether you’ll have to pay more or less taxes next year. Here are a few more of the benefits:
1 – Determine how to adjust your W-4 for the outcome you want.
Our Forward look evaluates each line item tax variable to estimate what your tax liability might be in 2018 compared to this year (tax year 2017). Based on the information, you may choose to adjust your employer withholdings by updating your W-4 or change the amount of your quarterly estimated tax payments made.
2 – Get a personalized analysis to help evaluate your overall tax picture.
The review can also help you find specific ways tax reform impacts you and determine how to modify your tax plan.
For example, if you have unreimbursed employee expenses that are no longer deductible under the reformed law, you might want to look into other deductions or savings considering the loss of that tax benefit.
3 – The Forward look analysis can also clarify your specific situation.
You might be concerned about the $10,000 limit on itemizing state and local taxes. The review will show that even though you may not be able to fully deduct your 2018 state and local taxes, you still might be better off when you file in 2018 than in 2017, due to an increased standard deduction, more favorable tax rates, or a larger Child Tax Credit.
Importantly, at Block Advisors, you are paired with the expert guidance of a tax advisor to explain not just the overall forecasted impact of tax reform on your taxes, but what’s behind the numbers and what your options are so you can make the best decisions for your unique situation. In fact, each tax advisor averages 15 years of experience.
For more information on Forward look or to schedule a tax appointment visit www.blockadvisors.com.