Among the changes in taxes in 2017, this year no taxes will be due April 15; you will have until the 18th. This and numerous other changes to the tax code make it prudent to work with a Certified Public Accountant.
Here are a few other changes coming from the IRS:
- Tax brackets will be adjusted for inflation
- Standard deductions will increase
- Medical expense deductions will change for certain seniors. Taxpayers who are 65 + can use a previous threshold of just 7.5% of their Adjusted Gross Income (AGI) when itemizing and taking a deduction in 2016.
- Estate tax exemptions will increase a bit
These and other changes can impact how you file your taxes. One other area that will change is investments. Investment professionals have been preparing for these changes since they were announced in 2016.
Your best option could be to have your taxes prepared by a Certified Public Accountant (CPA) who is also a Certified Financial Planner(CFP). That way you can make adjustments to your portfolio to help reduce your tax liabilities and file taxes with full knowledge of your financial plans.
Les Merritt is a CPA and a CFP who cares for his clients and wants to help them navigate the new tax regulations. With these changes already in effect for this year and the multitude we can expect over the next few years, you need the right person to help you. Call Les today at (919) 269-8553 and be prepared when April comes around.