How Will Recent Tax Law Changes Affect Your 2018 Return?

Now is a good time to start preparing for the 2019 tax season so you won't be surprised with tax bills when the new year rolls around.  This year, it's even more important to review your situation with the new tax-law changes.  One thing you can do to ensure that your taxes will be in order is to schedule a consultation with Emerald Financial Partners now.  We offer Top Rated Local® tax services for individuals and businesses in Maryland.  Whether you’re interested in personal tax preparation or small business accounting and tax services, we can help!

Are You Withholding the Too Much or Too Little?

Earlier this year, IRS officials updated their withholding tables and issued a new Form W-4 for 2018 after passage of the Tax Cuts and Jobs Act last December. The act reduced employees' income tax rates, adjusted tax brackets and eliminated personal exemptions, among other changes.  The Treasury Department, which includes the IRS, "may make more significant changes to withholding in 2019 given its new discretion over the withholding structure provided in the Tax Cuts and Jobs Act," the GAO noted in a July report.

"It's important every year for people to review if they're having the right amount of tax withheld from their paychecks," acting IRS Commissioner David Kautter said in April. "This year, it's even more urgent for people to review their situation following the new tax-law changes."

"Many taxpayers have preferences about the tax refund that they will receive or the balance they will have to pay when they file their tax returns," the GAO report stated. "The tax withholding tables that Treasury and IRS update each year are an important tool that both employers and employees rely upon to form their expectations."

Will Your Income Change During the 4th Quarter?

Are you expecting a large year end bonus?  Are you changing jobs?  Any dramatic changes in income during the 4th quarter can impact your tax liability.  Schedule a consultation with the experts at Emerald Financial Partners today, so that you can prepare for your tax liability in April 2019.  It's better to be prepared than to be caught off guard!

Unreimbursed Employee Expenses

One of the biggest changes under the new tax law changes was the elimination of the deduction for unreimbursed employee business expenses, beginning with 2018 tax returns. This means that employees will no longer be able to offset their taxable income by common business expenses they may incur.  This can have a dramatic impact on your taxable income.  You may want to change your spending, talk with your employer, or plan for a larger taxable income.  The experts at Emerald Financial Partners can provide sound advice for your unique situation.

Don't Wait!

Don't wait until the New Year to evaluate your 2019 tax situation.  Schedule a consultation with the experts at Emerald Financial Partners.  

Emerald Financial Partners believes you should have a trusted partner, on call, to support you through the financial decisions that impact your life, your family, and your business. We provide a holistic approach to your tax, accounting, and financial needs.  Our team goes above and beyond to understand your unique needs and create strategies that will help you reach your goals.   Our services are structured to provide you unlimited access and on-call support to help you make better financial decisions, every day.

Qualitax Becomes Emerald Financial Partners

For Immediate Release

It’s an exciting time here at Qualitax and I wanted you to be among the first to know!  Over the next few weeks and months, you’ll notice that Qualitax will now become Emerald Financial Partners.

For the past 38 years, you’ve come to expect the best tax and accounting service in the area.  That’s not changing at all.  In fact, what we heard from many of our customers is that you want more than just a tax advisor.  So, our new brand reflects our ability to offer a more holistic approach to all of your tax, accounting, and financial needs.  Our new mission is also a reflection of those goals:

Emerald Financial Partners believes you should have a trusted partner, on call, to support you through the financial decisions that impact your life, your family, and your business. Our team goes above and beyond to understand your unique needs and create strategies that will help you reach your goals.   Our services are structured to provide you unlimited access and on-call support to help you make better financial decisions, every day.

This rebranding initiative reflects countless hours of thoughtful discussion about how we can provide a wider array of meaningful services to you, our valued clients.   For our business clients, we are expanding our Accounting & Remote CFO services.  Be sure to download a copy of our Business Services Matrix from our website to see the full suite of business services we now offer.   For our expanding base of Millennial clientele, I encourage you to check out our new Personal Success Package.  It’s a smart way to make better financial decisions, every day.

Our location and telephone will remain the same, so you will still reach us as you always have.  We will be getting new email addresses, but the old email will still work too!  Our old website will remain for the next year or so, but I encourage you to visit our new website at:  www.EmeraldFinancialPartners.com

We’re incredibly proud of the work that we do and thankful for the employees, clients, and partnerships that have accompanied us in our growth.   As always, please don’t hesitate to reach out if you have questions.

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