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The smallest change in the tax code can mean a big difference to your tax situation.

As an experienced, knowledgeable CPA firm that has provided personal and business tax services in Clearwater for more than 20 years, it’s our job to understand all changes to the tax code and develop strategies to best manage those changes.

Tax Changes that Affect Individual Tax Payers

There are changes in the tax code that greatly affected the taxes that individual taxpayers have to pay. It affected some individuals positively and others negatively.

  1. Standard Deduction Nearly Doubled

Individual taxpayers can claim a standard deduction when they file their tax returns. This effectively reduces their taxable income and the amount of taxes that they have to pay.

The Tax Cuts and Jobs Act dramatically increased the standard deductions that taxpayers can claim. The deduction increased from $6,500 to $12,000 for individuals, $13,000 to $24,000 for married couples filing joint returns, and $9,550 to $18,000 for heads of households.

For many people who used to itemize their deductions, the standard deduction is now larger than their itemized deductions. If you are in this situation, taking the standard deduction will not only save you money, but it will also save the time of itemizing your deductions and eliminate the risk of being audited for deductions the IRS considers suspicious.

  1. Deductible Items Limited

The Tax Cuts and Jobs Act limited some tax deductions and completely eliminated others.

These changes will reduce many people’s itemized deductions, causing the standard deduction to become a more attractive option.

  1. Child Tax Credits Increased

One of the things that was removed is the personal exemption for every dependent that appears in an individual’s tax return form. These personal exemptions were replaced with a higher child tax credit.

Tax Changes that Affect Businesses

There were also tax reforms that affect how much businesses have to pay in taxes. Here are some of them.

  1. The corporate tax rate was lowered.

The government lowered the corporate tax rate for C corporations from a top rate of 35% to a flat tax of 21%.

  1. Qualified Business Income Deduction for small businesses.

Sole proprietorships, partnerships, and S corporations are not subject to corporate taxes. Profits are taxed under the owners’ individual income tax. The Tax Cuts and Jobs Act created a 20% deduction on these profits.

If you are looking for an experienced CPA to provide you with personal or business tax services in Clearwater, Largo, Dunedin, Oldsmar, Lutz or , contact BAAP C.P.A for a free consultation.

We believe that to prosper in whatever you do, it’s important to have a community to back you up. No man or woman is an island. It takes collaboration and a network of the right people for you and your business to reach your goals.

Clearwater, Florida is a great community!  BAAP C.P.A. has chosen to make its home here in Clearwater for many reasons:

1) Clearwater is beautiful, desirable location.

Clearwater is a coastal gem that offers wonderfully warm sunshine all year round. It is home to beautiful, pristine beaches that many tourists flock to. From great food to exquisite coastlines, Clearwater is known around the country and the world for the many treasures it offers.

2) Clearwater is a convenient, centralized location.

We believe having a close, personal relationship with your CPA is important for every successful business.  With our main office located in Clearwater, we are not only easily accessible for clients in Clearwater, Largo, Dunedin and Oldsmar, but we’re also within a 30 minute drive for our clients in Tampa and St. Petersburg.  This makes face-to-face meetings convenient for business all across the Tampa Bay area.

3) Clearwater is a great place for business.

The Tampa metropolitan area is one of the best places to start and grow a business.  In 2019, Forbes Magazine rated the Tampa-St. Petersburg area #37 (out of 200) for job growth and #35 for ”The Best Places For Business And Careers.”  

BAAP C.P.A.’s Community Involvement

We at BAAP C.P.A. believe that to be part of a community, it’s also important to contribute to its growth and progress. We want to help and serve the Clearwater community to help it continue to grow and strengthen.

Our Managing Partner, Mark Martukovich, is on the Board of Director of the Tampa Bay SPCA (Society for the Prevention of Cruelty to Animals).

Mark is a member of the Clearwater Jazz Holiday High Note Society supporting the signature Clearwater Jazz Holiday music festival tradition.

We are also a member of Business Network International, a networking and referral group with connections worldwide. BNI helps businesses build a strong network of business-minded individuals to fuel their personal and professional growth.

We believe in sharing our blessings with those who are in need. BAAP C.P.A. joins charitable fundraisers in Clearwater to bring hope and joy to our fellow citizens.

If you are looking for a Clearwater accounting firm that is not only committed to helping your business grow but also committed to helping the Clearwater community grow and prosper, contact BAAP C.P.A for a free consultation.

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