It may be 2019 but the sweeping 2018 tax law changes are still on the forefront especially as April 15th looms. It was certainly a different year - one of learning and understanding these changes then developing the most fitting strategies that adapt to the impacts for both individual and business clients. As with any change, it also brought opportunities.
When it comes to HOAs, the new 2018 tax laws made no changes to the traditional form 1120-H so many HOA managers are seeing no changes this season. However, for those associations that file using the standard form 1120 U.S. Corporation Income Tax Return, the previous tax rate of 15% has been increased to 21% in 2018 and going forward. It comes down to balancing the risk and savings between the two. Since this is unique to each HOA, tax preparers may be a valuable resource.
Readers here are also individuals, and the 2018 tax law changes will most likely have hit closer to home. Therefore an “at a glance” look at the differences can help. (Click here.) Like HOAs, everyone’s situation is different, so seeking advice from a tax professional is a good first step.
This post courtesy of Ruotolo, Spewak & Co., part of the NOW! Financial Network.
Visit Ruotolo, Spewak & Co. at http://www.nowfinancialnetwork.com/rs-co/