Possible Changes to Tax Laws.

Perhaps now more than ever it is imperative to understand the impact that the new administration will have on taxes not just this year, but for the years to come.  A new President brings a different approach to the American economy.  It starts now as you plan and execute your financial strategies for the remainder of this year.

Here is a brief idea of what President Trump and his staff are proposing -

1.  Reduction in three specific tax brackets - including the elimination of additional healthcare tax.

2.  Big changes in estate tax.  There may soon be a complete elimination of the estate tax structure.

3.  A cut in business taxes.  The President campaigned on a pro-business platform.

All of this and more should be understood as you file your taxes over the next couple of months.  If it does not directly affect you now, then it probably will soon.  This is the perfect year to hire a new Las Vegas tax accountant.  The right choice for you may be Mike Mathews.  He will address your accounting needs now and in the future.  Arrange an appointment today at his Northwest Las Vegas office by calling (702) 240-5237.

Required Minimum Distributions.

Here in the heart of the tax season it is important to cross your t’s and dot your i’s.  How long have those retirement funds been sitting in your account?  They can’t stay there indefinitely.  Generally speaking, you must begin withdrawing funds from IRAs by the time you reach 70 ½ years of age.  Roth IRAs are the exception.

Of course, the amount that you withdraw will be included in your taxable income.  That excludes any part that was already taxed when it went in.  Calculating the proper amount to take and even more importantly WHEN to take it might be something that you want a professional accountant to weigh in on.

We know the right person for all of your tax preparation and accounting needs.  He is Las Vegas tax preparer Mike Mathews.  You will appreciate his hard, detailed work as if the money were his own.  You also will enjoy the serenity of his office in The Lakes located at Regatta Drive.  Call him to make your 2017 tax preparation appointment at (702) 240-5237.