Paramount Tax & Accounting Cottonwood Heights Blog

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look, brought to you by our tax services Cottonwood Heights .

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation. Let's take a look at which taxpayers would benefit from a "paycheck checkup" right now to avoid an unexpected tax bill next year, brought to you by our small business bookkeeping Cottonwood Heights experts.

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses--including the cost of buying health insurance. Here's what you need to know about QSEHRAs, brought to you by CPA accounting firm in Cottonwood Heights .

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are Five Tax Deductions that Disappeared in 2018, brought to you by our accounting firms in Cottonwood Heights . Contact Paramount of Cottonwood Heights for more information.

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school. Here are some tips on saving for education, brought to you by our tax accountants Cottonwood Heights . Contact Paramount Tax & Accounting Cottonwood Heights in Cottonwood Heights to learn more.