June 19, 2018 08:53 PM
(ABC 6 News) -- With the new federal tax regulations in place, many are trying to figure out what to expect with their 2018 returns.
Tuesday afternoon, tax advisors and bankers met with business owners and investors in Rochester … helping to cut down some of the confusion surrounding the new federal tax law.
“Everybody knows the taxes sort of came down. But as anything, the devil is in the details; and how you can work with the tax code and how you can actually get your tax code down like has been advertised,” said Joseph Langel, the Director of Business Banking at Home Federal.
The luncheon, hosted at the Rochester Area Chamber of Commerce, highlighted some of the changes.
“There are significant changes to the corporate tax rates; that being C corporations,” said Drew Mulford, a Manager at RSM US LLP in Rochester. “[We are] seeing a change of 35 % down to 21%.”
Sheryl Barlow runs a marketing and consulting business from her home. Her biggest challenge … “I pay estimated quarterly taxes, which has been tricky this year because I am not sure what to pay,” she said. “When you say estimate I am really estimating right now.”
Barlow plans to sit down with her accountant this summer to avoid a "surprise" at the end of the year. “I think what today did for me was it gave me some more questions in my arsenal to ask and some things to think about.”
As for local nonprofit organizations, they have their own challenges.
“Our concern is will people continue to be able to give donations to those organizations in the community or will this new tax law impact them?” asked Major Jim Frye with the Rochester Salvation Army.
However, Maj. Frye was happy to hear people making charitable donations … “will still be able to deduct those and there is a way to do that,” he said.
The message from Tuesday’s event; don't wait until the last minute.
“Talk to your accountant when he has got more time on his hands now as opposed to March,” said Mulford.
Created: June 19, 2018 08:53 PM
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