tax time signHappy New Year! Tax season is upon us and it is not too early for you to begin assembling your 2017 tax data.  As in the past, we are enclosing worksheets to remind you of the information needed and to permit you time to organize it in an orderly fashion. The worksheets do not have to be filled out in their entirety but instead should serve as a reminder of the key data we look for while preparing your return. Please be sure to note any significant changes over the prior year to your address, marital status, number of dependents, job changes, etc.

DEADLINE

The tax filing deadline this year, without extension, is April 17, 2018. We recommend that you bring in your data as soon as possible as returns are processed on a first come first serve basis. In order to have your return filed before April 17th, please submit your tax information to us no later than March 26, 2018.  If your information is received after March 26th, your return may be extended and filed after April 17th.

APPOINTMENTS

If you have any detailed questions or would like to meet with us to discuss any new or unusual circumstances, please call the office to set up an appointment. During tax season, we meet with clients on Tuesday, Thursday and Saturday. If you do not require a meeting or have any questions, please just drop off your data. No appointment is needed to do so.

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As you know, President Trump signed the “Tax Cuts and Jobs Act” into law in December 2017. This reform will change the tax landscape for tax years beginning January 1, 2018. 

For individual taxpayers, the legislation includes new income tax rates and brackets, increases to the standard deduction, elimination of personal exemptions, increases to the child tax credit, limitations on the state and local tax deduction, reduction to the medical expense threshold, and a new deduction for taxpayers with certain pass-through business income.

For businesses, the legislation reduces the corporate tax rate to a flat 21%, repeals the corporate alternative minimum tax, imposes new limits on business interest deduction, and makes a number of changes involving expenses and depreciation.

While preparing your 2017 return, we will consider the recent changes in tax law as we review your circumstances and plan for 2018.

A satisfied client is our most valuable asset. Your recommendation to an associate, friend or family member is more significant than any advertisement. We sincerely appreciate your patronage and as always, we strive to provide you with professional and efficient service.

We are looking forward to seeing you in 2018. If you have any questions regarding this letter or our services, please do not hesitate to call.

Sincerely,

Cynthia M. Costello                                        William R. Costello, JR
Certified Public Accountant                          Certified Public Accountant