J L Accounting

The Child Tax Credit increases in value from $1,000 to $2,000. The tax reform bill also introduces a new $500 credit for non-child dependents.

2018 has many new laws. The new standard deductions are as follows: Those who are married and filing jointly will have an increased standard deduction of $24,000, up from the $13,000 it would have been under previous law. Single taxpayers and those who are married and file separately now have a $12,000 standard deduction, up from the $6,500 it would have been for this year prior to the reform. For heads of households, the deduction will be $18,000, up from $9,550. The personal exemption has been eliminated with the tax reform bill.

An accountant is someone who solves a problem you didn't know you had in a way you don't understand.

An accountant can offer advice based on an extended observation of your financial practices. For example, is it practically impossible for you to put away and then not touch savings? An accountant could show you how to over-withhold taxes so you get a significant return at the end of the year.

Have you ever taken a quick look at the IRS Tax Code? It contains about 4 million words, making it almost seven times as long as War and Peace, according to experts. When you hire an accountant, you don’t have to worry about keeping track of the yearly changes to the Tax Code.

If you’re like many small business owners, you most likely try to keep as many tasks in-house as possible in order to save money. Remember, outsourcing tedious tasks like tax preparation can help you focus more of your attention on revenue-generating tasks.