Congress celebrated a major victory last year when it passed the new federal tax laws. These new rules kicked in as of this January, which means it’s more important than ever for taxpayers to start thinking about what they can do to manage their tax liability under the new rules. Of course, the easiest and most effective way to do this is to consult a tax professional, and Happy Tax’s talented team of in-house CPAs are the best in the business. Add Happy Tax’s industry-leading customer service, and you have a recipe for success.
The new tax bill changes a lot of things that we’re used to considering when we file our taxes each year, like allowable deductions and the potential benefits of itemization. For example, under the old tax laws, business losses could be carried for up to two years. This was beneficial to companies that would raise money in one year, then experience operating losses in subsequent years. However, new tax laws eliminate loss carrybacks, leaving many business owners confused about what to do with their prior years’ losses.
The new tax law creates several new policies. But at the same time, Congress passed up the chance to clarify other important matters on taxpayers minds, like cryptocurrency taxes. This has left taxpayers with many questions, and Happy Tax’s in-house team is ready to answer them.
No matter who you are, the new tax rules are a lot to process. But don’t fret – Happy Tax has a recipe for success that any taxpayer can follow. First, start early. Begin getting your important documents and information together now, so you’re not caught off guard when it’s time to file. Second, start thinking about what you can do before the end of 2018 to get you off to the right start for the next taxable year. Your local Happy Tax franchise can connect you with a licensed CPA who can give you all of the advice you’ll need to manage your taxes.
No matter what your finances may look like, the friendly professionals at Happy Tax are here to help you through the tax season. Many people may find it necessary to retain a tax professional this year just to figure out things that used to be simple, like how and when you can apply common deductions. This is particularly true given that many tax policies under the new law remain unclear. The new tax law has raised a lot of questions, and Happy Tax has the solutions taxpayers need.