March 28, 2018
Dear Clients & Friends:
Here it is the end of March and we are well into tax season. We are wrapping up our business clients’ Corporate and Partnership returns. Many of our individual clients have received and dropped off their information. We are busy trying to complete their individual returns before the April 17 deadline. In January, we mailed organizers to our individual clients. If you did not receive one but would like to, please call our office today.
Enclosed, please find the spring edition of our quarterly newsletter. The spring edition, released during tax season, contains quite a bit of beneficial information. While we are working on completing your tax returns for 2017, we are also studying the new tax law and how it will affect you.
The new tax law, known as the “Tax Cuts and Jobs Act” was enacted by Congress at the end of last year and includes a number of tax changes. The Tax Cuts and Jobs Act brings tax cuts for individuals, modifies a number of deductions and creates new tax planning opportunities while also introducing many pitfalls. As many of you are aware, it will take some time for the IRS to work out all the details and technicalities. We are attending seminars to learn how these changes will affect all of our clients. The first two pages of the enclosed Newsletter cover the basics of the changes to expect with the new tax law.
On Page 2 of the quarterly newsletter, you will find updates directly from the IRS on how to check your tax refund status and keeping track of your tax filing. On Page 3, is advice on preparing for an IRS audit and keeping all of your information on deduction, exemptions and other financial information organized.
On the back page, is advice on preparing to apply for a bank loan. If you want to improve your chances of obtaining a loan, please read the advice offered in our newsletter. Being prepared with information and questions is a great way to show the lender that you are knowledgeable and prepared to obtain financing.
Do you have a savings account set up for emergency purposes? Please refer to the back page of our newsletter for savings advice and additional information about setting up a savings account. Getting ahead of the curve and being prepared for financial emergencies is important and requires planning. Following these tips can help you get off on the right track.
The standard mileage rate increased from 53.5 cents to 54.5 cents for 2018 for every business mile driven, 18 cents per mile for medical and moving miles and 14 cents per mile for miles driven in service of a charitable organization.
Please call our office for an appointment as soon as you receive all of your tax information. We try to use the first-in, first-out method when preparing returns, so the sooner you bring in all your information, the sooner we will be able to prepare your return and get it back to you. We are looking forward to meeting with you in the coming weeks and assisting you with your financial and tax preparation needs.
Thank you for continued patronage. As always, we welcome any feedback you may have on the services we offer and we also welcome any referrals you may have.
Starkey & Company, PA