Now that the end of the year is approaching, taxpayers are starting to have a number of questions and concerns about filing their returns under the new rules created by the federal tax reform. So, rather than go at it alone, many taxpayers will be working with a professional to file their taxes returns in 2018. This opens up a whole new market of new potential customers for tax service franchises like Happy Tax. And, with Happy Tax’s custom brand of concierge-style customer service, just about every taxpayer who chooses to work with Happy Tax comes back to file with us year after year. That’s why 2018 is expected to kick off a boom for the tax services market, and Happy Tax franchisees are looking forward to all of the new opportunities that will come with it.
Tax Reform Leaves Taxpayers Scratching Their Heads
The federal tax reform passed by Congress last year made several important changes to the tax code. The potential costs and benefits of these policies aside, they will almost certainly impact the way that the average American files his or her taxes. This change is raising a lot of questions among the general public, and it’s leaving many taxpayers scratching their heads.
For example, some taxpayers are concerned about how the new 2018 tax laws impact the total amount that they pay in annual taxes. Most taxpayers will notice an increase in their “take-home” daily income starting in February 2019 due to new tax regulations affecting tax withholding. However, some taxpayers may need to adjust their withholdings to ensure that their taxes are being covered. Whether and in what amount a particular taxpayer may need to alter his or her withholdings varies on a case-by-case basis, and depending on the circumstances can be very confusing.
In addition to changes in take-home and withholdings, another aspect of the new tax laws that may be weighing heavily on taxpayers’ minds is changing in annual deductions. Many Americans are concerned that they will be limited in the number of deductions they can take starting in this next tax year. That’s because the new tax laws change how deductions are calculated, as well as what qualifies as the deductible expense. Under the 2018 tax laws, the standard deduction has nearly doubled. This makes itemizing deductions less economical for most people. As a result, many taxpayers who have itemized their deductions for years may now be concerned about whether itemization is still a good option for them.
Tax Professionals Provide Assistance and Ease Anxiety
All in all, lots of people are concerned about how the recent change in the federal tax law will affect them. A licensed CPA can provide clarification on what expenses are still considered deductible, and what, if anything, can be done to manage these expenses within the taxable year. Tax professionals have a better understanding of how the new tax policies will affect specific aspects of each taxpayer’s return. Among the in-house CPAs at Happy Tax, this is particularly true. And since every one of our customer’s returns is reviewed by a licensed CPA – not just a part-time tax preparer – Happy Tax customers have access to some of the most skilled professionals in the industry.
A licensed tax professional – like the Certified Public Accountants on the Happy Tax in-house team - can also help alleviate some fear that comes with the impending new regulations. Although major tax reforms have already been achieved, not all of the tax laws and regulations are totally ready for implementation at this time. Most likely, these policies will continue to evolve until they are ready for enforcement among the general public. Working with a CPA will help every taxpayer ensure that their taxes are prepared properly even as national tax policies continue to shift into place. That’s because, as licensed professionals, CPAs keep their ears to the ground regarding updates and changes to the tax code.
Tax Reform Attracts New Customers to Tax Services Franchises
Their many questions and concerns taxpayers take to their tax service professional. They may want to know how they should plan their taxes for retirement, or whether certain changes to their tax filings may be in order. They may also want advice about the tax impacts of certain investments or the potential liability associated with making changes to their financial accounts. There are innumerable ways people may need tax help, and the list keeps going.
National tax policy is complex, and it can easily get overwhelming. As licensed professionals, CPAs are up-to-date and familiar with the intricacies of federal, state, and local tax laws. They use this knowledge to help others, and the growing number of taxpayers being impacted by the national tax reform will attract a whole new customer base to the tax services market. For Happy Tax franchisees, this means more opportunities for establishing and growing a business of their own that lets them work from home and be their own boss.
Many individuals will be seeking the help of an accountant in 2018 for the first time. This will occur because nearly everyone’s tax return has changed as a result of the national shift in tax policy, and so even practiced do-it-yourself filers will be looking for some professional help this year. This will breathe fresh air into the tax services industry, bringing many first-time customers to tax planning and preparation franchises. And, after experiencing Happy Tax’s exceptional customer service. nearly every one of these new customers will want to become a client for life.
Every Happy Tax client works with a licensed CPA who has the skills and experience necessary to prepare an expert return. And since this is all done by the Happy Tax team of in-house professionals, our franchisees aren’t required to know every detail of the tax code. Instead, they focus on connecting new clients with the benefits that Happy Tax has to offer, which will only continue to expand as the new tax laws are implemented. To learn more about Happy Tax, visit us on the web at www.gethappytax.com.