The year 2017 was a period of non-stop news and many political changes in Washington, D.C. The pro-business environment contributed to significant stock market gain of approximately twenty six percent. Cryptocurrency experienced large gains as well; that being said, Beach Cities is accepting payments via bitcoin, ha, ha, ha…
After much debate and several rounds of changes, the U.S. Congress has passed one of the most comprehensive tax changes in recent history. Within the tax reform, many deductions will be taken away, but many new benefits will be available for the first time. Some of the highlights include 21% flat tax for C corporations, 20% business income deduction for LLCs, S Corporations, Partnerships, Sole Proprietorships, and Schedule E rentals. The estate tax exemption has doubled to $11M for single people and $22M for married people. The downside for many individuals is the limitation on the amount of state and local tax deduction to $10,000. The tax effects for each individual client would be discussed at tax appointment time.
Moving on to tax season information, your personalized Tax Organizer will be e-mailed to you. If you prefer a hard copy, please call our office. We request that you complete Organizer pages to the best of your knowledge, and bring them to your tax appointment. Appointment times have been assigned for many clients; reminder postcards are going out in the mail this month. Please feel free to call or e-mail our office for any changes. Some clients prefer to drop off or mail-in their tax information, which works as well. We’ll be open for tax season from 8:30am to 5:00pm Monday to Friday, and on Saturday from 10:00pm to 3:00pm beginning January 29th. Evening appointments are available upon request.
In conclusion, I would like to express much gratitude on behalf myself and my team, and would like to thank you for the continued trust you have given us over the years. We will always try to do our very best to service your tax and accounting needs.
We look forward to seeing you in the weeks to come.
Monique R Wright, CPA
Beach Cities Tax & Accounting Corp.