Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions provides tips that can help taxpayers prepare for the upcoming tax filing season in light of changes made last year in the tax reform bill.
Houston, TX – December 20, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on the company website entitled “Year-End Tax Prep Tips,” in which Mr. Fowler highlights areas that are likely to affect most taxpayers.
Fowler writes, “It’s that time of year again. Time to start thinking about getting your ducks in order for tax filing.” He continues, “This year it’s important to be reminded of the changes that were put in place late last year. With the passing of the tax reform bill, there are significant changes that could affect your returns or how much you owe.”
Fowler points out, “You may have forgotten that tax brackets were expanded in the reform.” With that in mind, he adds, “There’s a chance you could be penalized for underpaying taxes throughout the year. So, now is the time to double check your withholding. You can bump it up if necessary and avoid penalties. If you have a year-end bonus coming an increased withholding could help you side-step a tax penalty.”
“If you are accustomed to itemizing deductions,” says Fowler, “you may decide to take the standard deduction in 2018.” According to Fowler, “You’ll have the company of millions of other taxpayers who routinely itemized deductions in past years. That’s because the standard deduction is doubled and because dozens of itemized deductions have been repealed. Additionally, the state and local tax deduction is capped at $10,000.”
Fowler also cautions taxpayers to be mindful of spending that would ordinarily generate an itemized deduction. He adds that, “This includes charitable gifts and elective health care procedures.”
The entire article can be read at https://www.taxationsolutions.net/year-end-tax-prep-tips/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.