By: Macy Goodnight | Category: Financial Services | Issue: February 2019
Carri Shockley, Founder and President of Shockley Bookkeeping.
An individual’s tax presence is like a fingerprint- no two situations will ever be the same. Filing taxes each year can be overwhelming and stressful for just about anyone. With new laws introduced in 2019, a tax professional may be necessary to navigate the intricacies within the new tax landscape.
Shockley Bookkeeping is a trusted financial authority, with up to date standards for detailed analysis of personal and small business annual tax review and filing. Carri Shockley, Founder and President, warns that this year’s returns may be a surprise for most people.
“As we head into tax season, everything looks different this year,” she said. “Many people may be surprised to see they will owe taxes this year when previously they would have received a refund.” Although the standard deduction has increased to almost double, significant reductions have been made to itemized deductions. Additionally, the child tax credit is no longer refundable. “The new laws have really affected the lower middle to middle class, and that’s really an area you don’t want to hurt,” said Carri. “It’s been challenging for those who make too much to receive support, but don’t make enough to support their family.”
The new tax bill has changed regarding the deductions that can be made for the usual itemizations, such as real estate taxes, mortgage interest, mortgage insurance, and charitable contributions. Many people will not be able to claim these items on their taxes as they will not meet the minimum amount required to do so. “For those who do not itemize, it may be good for them, but there may be problems for those who do,” Carri said. “These are some of the things we are finding that are really hurting people this year with the new bill in place when they go to file their tax return.”
The professionals at Shockley are prepared to help weather the storm, with intense training in new tax law as well as up to date information on financial bookkeeping. “We can help our clients adjust to the new tax bill, as well as provide advice for changes to help them minimize their tax liability next year.” said Carri. “It may not be comfortable or easy this year, but we can help make adjustments, so these problems don’t occur in the future.” With the biggest federal tax changes in 30 years, families with children are expected to see the hardest impact. Carri is a vocal advocate for change, as an active participant with National Write Your Congressman, and as a member of NFIB (National Federation of Business), communicating with the House and Senate on these issues. “With what I am seeing, I feel that it is my duty to try to help, especially witnessing how this is hurting people,” said Carri.
Shockley Bookkeeping can also offer highly researched advice on the new state marijuana laws where taxes are concerned. Their experts can provide current tax law counseling and returns for CBD and medicinal marijuana businesses, as well as bookkeeping and accounting. There are specific tax guidelines that need to be considered, especially with the legalities between state and federal acceptance.
“With taxes in general, you need an assistant,” said Carri. “Everyone needs a tax expert on their side.” Some people have only an understanding of basic tax law. It is a complex and extensive study but must be taken seriously. “When working with tax experts, more of the burden falls on the preparer than the individual,” Carri said. “We have to have a complete understanding of all of these laws.”
Other services provided by Shockley include bookkeeping for small business and non-profits. They also provide payroll and financial reviews. Financial reporting for small business can involve sales figures, spending, shrink reports, and payroll facts and figures. This analysis can be essential to small business growth. They are also trained and experienced in the implementation and management of QuickBooks and QuickBooks Online, providing comprehensive financial services for personal or business needs.
Make sure you are ready to tackle your taxes with Shockley Bookkeeping this season. With so many unknowns with the new tax laws, it is comforting to know they have your back with essential knowledge and expertise. “If we can learn anything from these new tax laws,” said Carri, “it is that you will need assistance.” Make transitioning your small business into the new tax laws easier with the trusted expertise at Shockley Bookkeeping.
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