INTERVIEW: Local tax expert weighs in on 2017 tax season, upcoming 2018 tax benefits

Photo Courtesy: Scott Smith via LinkedIn

Scott Smith is a CPA/PFS, CFP at Smith, Kunz and Associates, PLLC in Rexburg, Idaho. He has worked with Smith, Kunz and Associates, PLLC since 2011. Smith spoke with Neal Larson and Julie Mason on KID Newsradio about this upcoming tax season and what tax payers can expect with new 2018 tax reform.

You can listen to the full interview below.

 

 

IDAHO FALLS, Idaho — It’s not often people rush to their tax preparers excited to file the endless amount of government mandated paperwork, but for Scott Smith, a local certified public accountant, people are doing just that in the midst of the 2017 tax filing season.

“The government gave some additional things, took some things away and so people wondered where they would net out with all that,” Scott Smith, a local certified public accountant, told KID Newsradio. “Really what we’re seeing is that most people have a couple hundred dollars, some of them several thousand dollars, especially if you’re a small business owner, it’s a wonderful time to be a small business owner with our new tax code.”

But, people won’t be reaping the rewards of a new tax code quite as quickly as some have thought. Smith says as he’s consulting clients, he has to remind them the new regulations impact the 2018 taxes and not the current year they’re filing for.

“A lot of people are coming in thinking the tax reform applies now,” Smith said. “It doesn’t. Ninety-nine percent of it starts 2018. But, what we’re doing with clients is showing them what would happen if we mirrored 2017 income on 2018 tax law and it’s looking wonderful for them.”

Tax season falls on Tuesday, April 17 this year since the normal April 15 deadline lands on a Sunday.