President Donald Trump’s 2017 tax overhaul brought with it many changes that will affect the way Baton Rougeans do business, take out deductions and make investments. They’ll see the law’s effects come April, when tax returns are due.
In the meantime, CPAs and accountants like Jon Leblanc, tax director at Postlethwaite and Netterville, are waiting to see how Tax Year 2018 shakes out to give their clients the best advice for how to prepare for Tax Year 2019.
Apparently, it’s quite the undertaking, Business Report details in a new, tip-filled feature.
“These are arguably the biggest tax law changes since 1986,” Leblanc says. “Nobody knows what’s going to happen to rates in the future, but what we do know is these are some of the lowest rates we’ve seen in a while.”
To help navigate this, Leblanc offers a series of tips for planning ahead for your 2019 taxes, based on what’s happening in 2018. The top of the list is to monitor your full taxable income situation because law changes affect how owners of pass-through businesses file their income.