NEWBURGH – The IRS began accepting 2017 tax returns yesterday, with this year’s deadline on April 17. Many Mid-Hudson residents, especially those expecting refunds, are already preparing for their returns, and area accountants are encountering their busiest time of the year.
However, 2017 has come with the development of the Trump Administration’s new tax plan and some taxpayers are worried. It won’t go into effect until filing 2018 taxes in 2019, but CPAs are already preparing for its consequences.
RBT CPAs Managing Partner Thomas Weddell has some initial impressions about the new tax plan and has some advice for taxpayers filing returns, as well as his vision of what this new tax plan may be.
Weddell said the new tax laws are the most extreme, in terms of changes, that he’s seen since 1986; however, he believes being able to weigh this year’s and next year’s Trump laws provides huge advantages to clients.
“There’s plenty of opportunity to figure out where’re you’re going to be and what the consequences of the new tax law will be and how it will impact you in 2018, and going forward,” Weddell said. “However, you’ve got to learn all the new rules. It’s a whole set of new rules. It’s not the old rules and you’re dealing, right now, with two sets of rules.”
Weddell said having the ability to begin reviewing the Trump tax laws during 2017 tax filing time, is a good thing, but it’s a large effort, one he said he enjoys.
Although there has not yet been enough time to fully evaluate the Trump 2018 tax plan, Weddell said although it would be hard to comment on how he feels about the plan overall, he shared some aspects he believes will be beneficial to taxpayers.
Things like lower rates, lower surtax brackets, removal of the Obamacare penalty for not having health insurance, a standard deduction of $24,000 for married couples and $12,000 for singles.
“They’re giving back a lot as well, and most people all you hear is, ‘Oh, you’re losing something’, but they’re not talking about what you are gaining,” said Weddell.. “They’re not talking about the lower rates and the lower surtax bracket.”
Weddell said he predicts these new changes will encourage many more people to open businesses within the next two years.
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