As an enrolled agent entering my 35th tax season, I am anxiously awaiting the smiles I will be getting from my clients when I inform them how much they will be saving on their 2018 tax return. Unlike some tax seasons in the past, when clients became angry because they had to pay higher taxes due to new tax legislation, the clear majority of my clients will be paying lower taxes in 2018 due to the recently passed Tax Cuts and Jobs Act.
Specifically, all my clients will benefit from the lower rate structure and my clients who are eligible to claim the child tax credit will reap significant savings. Many of my clients will benefit from the increased standard deduction and the new deduction for small businesses.
Tax season can be a grind, but it is much more pleasant when I am able to deliver the good news associated with paying less taxes. I am grateful for the hard work that produced this legislation and specifically Congressman Peter Roskam who helped write the bill as a member of the House Committee on Ways and Means and participated on the Conference Committee.
I haven't been able to say this very often over the last 35 years, but I am actually looking forward to this tax season.
Stephen W. DeFilippis, EA