Enrolled Agent Delivers Best Tax Planning Advice
With the new tax bill passing in December of 2017, bringing the most sweeping change to the tax code in thirty-four years, tax planning is more critical than ever! These changes in the tax code can be good news when you work with a tax expert that knows how to use the new changes to maximize tax reduction strategies for the self-employed, independent contractor and small business owners. So what do you do? Where will you get the best advice? Researching articles on your own have conflicting advice and nearly all contain the disclaimer that “every situation is unique and you should meet with a tax advisor.” Although your CPA might have some tax planning advice and a tax attorney is likely to have some as well, it is the Enrolled Agent, or EA, that are known as America’s tax experts.
Enrolled Agents: Tax Advisor Empowered by U.S. Dept of the Treasury
Enrolled Agents are federally-licensed tax practitioners who may represent taxpayers before the IRS when it comes to collections, audits and appeals. As authorized by the Department of Treasury’s Circular 230 regulations, EAs are granted unlimited practice rights to represent taxpayers before IRS and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.
Maximum Tax Reduction Under New Tax Bill
Since the tax reform bill passed Wednesday, December 20th, it seems the media and airwaves have been bombarded with conflicting speculation and even contradicting advice:
- “How individual taxpayers can exploit the new tax bill right now” in the Chicago Tribune tells you to give to charity THIS year and pre-pay for deductions that will be disappearing including your move and your property taxes.
- “What You Need To Know About The Current Tax Bill” in Forbes relays “… households earning less than $75,000 per year will see a tax hike. The same is true for families with children that earn less than $200,000. Meanwhile, the richest one percent will see an average tax cut of more than $32,000. And the richest 0.1 percent – so the wealthiest one in one thousand Americans – will see a tax cut of more than $208,000.”
- “Senate Tax Plan Winners and Losers” in the Consumer Reports categorizes winners as those who take the standard deduction, families with dependents, teachers of grades K-12, people with expensive medical bills, wealthy, self-employed people and wealthy taxpayers in general. They categorize the likely losers as those without private health insurance, folks living in high-tax areas and all of us by 2026.
At Ken-Mar Tax, our Enrolled Agent, Ken Weinberg, is the tax advisor to meet with NOW in order to plan tax reduction strategies under the new tax bill. Call Ken now to set up a tax planning consultation, discuss tax resolution for back taxes or to review your last years tax filings to make sure you, your CPA or accountant didn’t miss important deductions.