EAST VALLEY UPDATE ACCOUNTING
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2020
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VISION
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After tax reform cau s ed
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much pain at fil ing t ime,
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ex p e rt s offe r advic e on how
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to re duc e t he st re s s
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h e ad i n g i nt o n e x t y e a r
By MICHAEL GOSSIE
I
n life, it’s said that two things are certain — death and taxes. But in business there’s usually only one certainty: taxes. But this year, there were two things that were certain: taxes and the surprises that came when business leaders filed their 2018 taxes. “The biggest misconception about tax reform is that it reduced tax,” says Christina C. Roderick, CPA, principal at REDW. “Yes, rates were reduced, but many itemized deductions were lost along with new provisions limiting ability to deduct losses. Our role as advisors is to help clients understand the impact to their business or individual tax return and provide suggestions on how to maximize the new tax laws to best meet their goals.”
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AB | July - August August 2019 2019