McFarlin & Brokke, PC Certified Public Accountants 198 Vining Court Ormond Beach, FL 32176 (386) 882-6047
McFarlin & Brokke, PCCertified Public Accountants198 Vining CourtOrmond Beach, FL 32176 (386) 882-6047
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Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.

Here's what you get...

  • Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  • Your tax return can be filed electronically so you will get a refund back quicker.
  • Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
  • We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

If you'd like to receive more information about our Tax Preparation Service, please complete this form.

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TAX CUTS AND JOBS ACT

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, a 1,101 page document into law.

 

 

Here is an overview of some key elements:

What the Law Means for Small Businesses

Corporate tax rate. The final bill reduces the corporate tax to a 21 percent flat rate from today's progressive tiered tax rate, which generally ranges from 15 to 35 percent.

 

Pass-through deductions. The bill allows deductions for qualified business income for pass-through entities (partnerships, LLCs, sole proprietorships, S Corporations) of up to 20 percent. Complex rules and limitations apply. This provision falls under the individual tax code and would sunset in 2026 without additional legislative action.

 

What the Law Means for Individuals (2025 Sunset Date)  

Individual withholding rate changes. The bill offers seven progressive withholding rates of 10, 12, 22, 24, 32, 35, and 37 percent (previous rates were 10, 15, 25, 28, 33, 35, and 39.6 percent). The bill also changes the tables that break down the wages to which each of these rates apply. 

 

Increase in the standard deduction. The new law almost doubles the standard deduction to $12,000 for single filers, $24,000 for married joint filers, and $18,000 for heads of household (in 2017, the deductions were $6,350, $12,700, and $9,350, respectively).

 

Child tax credits and repeal of the personal exemption. While deductions for personal exemptions have been repealed, the child tax credit will increase from $1,000 to $2,000. An additional $500 family credit for non-child dependents has also been created. The bill also raises the income level for the credit phase-out, so more taxpayers would be eligible for the maximum credit. 

 

 

 

Where to Find Us:

McFarlin & Brokke CPA
198 Vining Court
Ormond Beach, FL 32176

Email:  Kathyk@mcbrok.com
Phone:  (386) 882-6047

  

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