Tax Expert and Advisor Barry G. Fowler, On How The New Tax Code Affects Next Year
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions touches on a few of the changes the new tax code has in store for taxpayers in the 2018 tax season.
Houston, TX – January 31, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “How Soon You’ll See The Results Of The New Tax Brackets.” While he shows a chart for the new and old tax brackets, the true subject of Mr. Fowler’s current article is on some of the not so exciting changes taxpayers will see next year.
Fowler begins, “If you’re an American taxpayer who gets a paycheck, I imagine you’re pretty anxious to see how the new tax code is going to put more money into your pockets each pay period.” He continues adding, “The IRS says they should have everything ready to reflect the changes by February. So, you could be seeing extra cash if you are in the top five tax brackets with your February paycheck.”
According to Fowler, “It will be awhile before we all understand the ins and outs and the subtleties of the new tax code. While it is being studied and while the IRS is implementing the changes I’ll do my best to help you understand how you may be affected when you file taxes for 2018.” He states, “The time to take advantage of any benefits that might have been gained for the 2017 filing period has passed.”
As his first example, Fowler says, “in 2018 the charitable deduction has doubled for a married couple filing jointly from $12,000 to $24,000. Had you acted quickly,” he adds, “you could have established a donor directed fund or you could have increased your charitable giving by year end and taken a larger deduction on your 2017 taxes.”
Fowler turns his attention to state and local taxes saying, “Prospective new homebuyers need to take into consideration the implication of the new tax law. If you buy a home this year, when you go to file your 2018 taxes next year, state and local income taxes plus property taxes, added together, will no longer be deductible beyond the annual sum of $10,000.” He emphasizes, “That may make buying a house with high property taxes — or buying at all — less attractive. That means if you’re looking at homes that require mortgages over $750,000, you won’t be able to take a deduction on the interest for amounts above that level starting next year.”
The entire article can be read at https://www.taxationsolutions.net/how-soon-youll-see-the-results-of-the-new-tax-brackets/
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, ASTP