Halloween is still more than a month away and already we are talking about taxes. For a good reason too. Filing taxes next year could be scary if you aren’t prepared. Those who kept up with news on Capitol Hill already know there have been massive changes in the federal tax laws, but the Minnesota tax code did not see a lot of change. The Minnesota Department of Revenue is working hard to keep abreast of questions asked by concerned consumers. They are also working on updating the state tax filing system for taxpayers to use in 2019.
Do You Like Surprises?
If you are one who does not like surprises, and no one likes them where finances are concerned, you will want to keep informed about what is happening on this front. You will also want to check now to see what your tax liability will be in April. People who are having less withheld in their paychecks now may end up owing more on their federal returns.
Small business owners must work though the new tax laws to find out if they should itemize or not. Some items that were deductible on federal taxes in the past are no longer on the list. Add to that the fact it may be cheaper on the federal tax form to take the standard deduction, but at the same time you may be better off on your state taxes to itemize.
People who generally put off dealing with taxes until tax season is here may want to reconsider this time around. You may need help in filing, or at least in determining what your options are, and it never hurts to have professionals go over everything with you.
Savvy taxpayers have been paying attention to the tax reform and understanding how it could affect their business and/or individual taxes, but not everyone has been paying attention. It’s not too late to see how the tax reform will affect your small business and your individual status. MMKR Certified Public Accountants stay current on all information related to the tax reform. With our years of experience, you can count on us to help make this coming tax season a little less complicated for you.
To quote an old proverb, “Prepare the umbrella before it rains.” Don’t wait until the last minute to get ready for what is to come. Contact us and let us begin now to assist you in preparing for the new tax season.