We do offer tax consultation services for everyone between May 1 and December 31st. I am sorry to say we cannot do it the other months of the year because we are too busy doing the over 500 returns that we do. Also sorry to say we are not accepting new tax preparation clients because there’s simply not enough hours in the day to do anymore returns than what we already do. However, I am glad to talk over your situation with you and you can take what you learn to the person who does prepare your taxes.
Everyone of course wants to know about all the changes that the new tax law initiated. So the easiest way to provide you with that information is through the about hour long video that we have embedded here on this page. Now before you watch this please know that I know there are two mistakes on this video. There were a couple of last minute changes that I had not heard about by the time I did this seminar. The two mistakes that you will hear are:
- I stated that certain professions were not eligible at all for the Section 199A deduction, that’s where businesses get to deduct 20% of their net profit from their taxable income and not pay taxes on that amount. That is only true for certain businesses that make more than $315,000 if married filing jointly ($157,500 if filing single).
- I stated that a person now has to live and own their house for 5 out of the last 8 years in order to qualify for the homeowners tax free capital gains on the sale of a primary residence, up to $500,000 for a married couple. At the last minute they changed that rule back to the old rule of 2 out of 5 years.
Everything else in the presentation is correct. I hope you enjoy the presentation and that it helps you to better understand the tax law and how it applies to you.