2018 Tax Season Update
Written by Tim Verna, Senior Tax Specialist
Ushering in the New Year brings the opportunity for new beginnings as well as some challenges. The obligation of filing tax returns presents us with a new tax law and the difficulty of navigating the 2018 1040 form and its accompanying new schedules.
At High Falls Advisors, our tax team has been diligently studying and preparing for the Tax Law change and how it impacts our clients. You may be aware that New York State has chosen to decouple from many of the Federal Tax Law changes. In prior years, many of our clients were able to itemize their deductions to help reduce tax liability. In 2018, the prospects for itemizing deductions federally will change to a standard deduction for many taxpayers. However, we encourage you to provide us with tax information regarding itemized deductions as the possibility remains that taxpayers may still itemize in New York State.
We remain steadfast in our desire and commitment to serve your tax and financial needs. Please do not hesitate to contact us with your questions or concerns. Also, please visit our Tax Tools page, which provides tax preparation worksheets and information on the 2019 tax filing season.