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New tax law changes

New tax law changes

Posted: Tue Dec 11 15:23:06 PST 2018
Updated: Tue Dec 11 15:23:06 PST 2018

Speech to Text for New tax law changes

Below is the closed-captioning text associated with this video. Since this uses automated speech to text spelling and grammar may not be accurate.

lenses. it's almost time to start filing your taxes. the tax cuts and jobs act could make things a little difficult for you. news 10's lacey clifton joins us to walk us through the changes you need to know. at five, we shared some major hallmarks of the act. exemptions for dependents don't exist anymore. and-- there's been a change to the tax withholding table. this means you could see a lower tax refund. but, you would have been getting higher paychecks, and paying a lower tax rate. so, what are the big talking points for small business owners? <"from the moment the tax law was enacted, we have had non-stop consultations with current clients going over their situations." the tax cuts and jobs act is shaking things up for businesses this year. tax masters president thomas jeffers says it's not all bad. one advantage is the qualified business income deduction. "it can be up to 20 percent of their qualified business income. which is supposed to help lower their affective rate." the lower rate could save businesses money. but, jeffers says calculating that magic number is where the challenge comes in. "the tax softwares out there to this date are not automatically calculating that number by just plugging in income and expenses. // it's going to be very difficult for small business owners who are preparing their own tax return to come up with that number." "jeffers says because of these changes, it might be best for you to go with a preparer. that's because they're trained to navigate all of the changes in tax code." "it's not necessarily that people who are doing their own tax return might be getting things wrong, they just might to be getting everything they can get. on the flip side of that, they may be taking things that they're not supposed to, and they will never find out until the audit letter comes."> jeffers says people who wrote off their mileage or supplies purchased for work can't do that anymore. if you're questioning if this applies to you, jeffers suggests you see your
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