We hope you completed your 2017 on time without issue! If for some reason you didn’t, you can still call on us to help. We’re now meeting with clients who filed extensions to wrap things up.
With that, we realize the last thing you want to think about right now are your 2018 taxes, but there are some changes with new tax reform that could impact your 2018 income taxes. And being informed and managing to these now will save you stress and aggravation for your next file.
One of the most significant is the Tax Cuts and Jobs Act. If you’re a W-2 employee, you need to understand this change, as it currently includes the loss of unreimbursed employee expenses for 2018. This may affect how you handle expenses related to your job like mileage, business lunches or travel expenses.
To be sure you’re managing expenses in a way that will be most beneficial to you when tax season rolls around again, talk with your employer. They may be able to provide guidance or an alternative form of reimbursement that’s fair. If you want to have a better understanding of the change and how it may impact your overall tax position first, give us a call at 913.888.9100.
