2018 Changes due to the Tax Cuts and Jobs Act (TCJA)
On December 22, 2017, the President of the United States signed into law major tax reform in the Tax Cuts and Jobs Act (TCJA). The TCJA made widespread changes to the Internal Revenue Code which will affect your 2018 tax return. Here are some of the more common changes that could affect your tax return.

Changes affecting most taxpayers

The personal exemption is reduced to zero for 2018 through 2025. The standard deduction has increased to $12,000 for Single & Separate, $18,000 for HOH, and $24,000 for Married Filing Joint & Qualifying Widow(er). The child tax credit has been increased from $1000 to $2000 for 2018.

Changes to itemized deductions

State & Local Taxes (SALT): The new maximum deduction for state & local taxes is now at $10,000. The maximum for Married Filing Separate is $5,000. Home mortgage interest: Your mortgage interest deduction may be limited to the first $750,000 of indebtedness;

Employee business expenses

The deduction for unreimbursed employee business expenses has been eliminated under the new law. This change does not affect self employed individuals.

Qualified Business Income Deduction (QBID)

A new deduction for a trade or business, including sole proprietors, S corporations, or partnerships, is available on Form 1040. This deduction is subject to many limitations, such as income level and type of business.

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Clarke & Reilly, Inc. Can Provide IRS Tax Relief

The stress of owing money to the IRS can keep you up at night. Rest easy from now on by coming to Clarke & Reilly, Inc. Our team of accountants can help you find IRS tax relief solutions. We help with different areas in IRS problems. We can help you with your IRS debt and audits, garnishments, tax relief and back taxes.

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Our Staff has more than thirty- five years of experience in the tax and accounting professions. We work with numerous closely held companies within many industries, including but not limited to, hospitality, fashion, internet, education, professional services, manufacturing and wholesales. In addition we work with nonprofits and prepare trust and estate returns.

We are one of the fastest growing firms in the area with a very competitive fee structure serving our clients' specific needs at the best price. Maybe you're trying to make it through tax season without pulling out your hair. Or maybe you just want some reliable financial advice. No matter why you need professional accounting services, you can trust Clarke & Reilly, Inc. to provide them. Our accounting firm has helped countless commercial clients in the Alexandria, VA area with their financial matters. You can count on us to help you, too.

Call 703-299-6161 today to schedule a consultation with a dependable accounting firm in Alexandria, VA.

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Why trust your finances to Clarke & Reilly?

Why trust your finances to Clarke & Reilly?

Clarke & Reilly is dedicated to providing superior accounting services to clients in Alexandria, VA and the surrounding area. You can trust our accounting firm to give you the tax help and financial guidance you need because:

  • We're skilled: we can draw on over 35 years of accounting and tax consulting experience
  • We're affordable: we work hard to keep our costs low, and we offer a 25% discount to new clients
  • We're versatile: we serve both individuals and businesses

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Keeping an eye on your finances can save you money and lead you to a future without debt. Clarke & Reilly, Inc. offers personal and small business accounting services in Alexandria, VA.

You'll meet with a licensed accountant to go over your financial goals, prepare your yearly taxes and look for ways to save you money. We'll help you take control of your finances and live without money worries.

Don't wait to plan your future

Whether you're in debt or not, turning your books over to an accountant can lead you to a financially stable future and career. Clarke & Reilly, Inc. offers complete small business accounting services and can:

  • Help you budget: With over 35 years of accounting expertise, we'll work with you to create a budget that helps you save for the future.
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  • Invest your money wisely: Our experts can walk you through wise investments and ways you can expand your business venture.
Schedule our personalized accounting services today and secure your company's future.

Tax season isn't stressful at Clarke & Reilly, Inc.

Professional tax consulting can save you time and money this tax season. Clarke & Reilly, Inc. offers small business tax consulting and can walk you through the filing process. Our financial experts will:

  • Ensure all paperwork is filled out correctly.
  • Make sure you're getting proper company tax breaks.
  • Answer any questions about tax codes or the filing process.
You don't have to face the IRS alone. Learn more about our tax consulting and preparation services today by calling 703-299-6161.