2018 Tax Filing Season Begins Jan. 29


Tax Returns Due April 17


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How will tax reform affect you? Contact a local tax expert today!

The Tax Cuts and Jobs Act is the largest change to the tax code since 1986.  This bill will be effective for the 2018 tax year and beyond.  For the vast majority of  taxpayers this means they will not see a change in there taxes until they file a return in early 2019. Below are a FEW key changes that will impact the majority of our clients.

Individual,  Married Filing Joint,  and Head of Household Filers:

  • Lower tax brackets for the large majority of filers.  (new brackets listed below)
  • Doubling (approximately) of the standard deduction from to $12,000 for individuals and $24,000 for married filing joint, and $18,000 for head of household.
  • Doubling the Child Tax Credit to $2,000 per child.
  • Add the 529 savings accounts for child education savings (was a Maryland State deduction not federal deduction).
  • 20% deduction on “pass-through” income for most S-Corps and Partnerships.
  • Repeal of the Affordable Care Act’s individual mandate beginning 2019.
  • Elimination of the interest deduction on home equity loans.
  • Elimination of most itemized deductions OTHER THAN home mortgage interest, state and local taxes, property tax, charitable deductions, and medical deductions.
Tax Rate Income Range for Individuals   Income Range for Married Joint Filers
10% $0 – $9,525   $0 – $19,050
12% $9,526 – $38,700   $19,051 – $77,400
22% $38,701 – $82,500   $77,401 – $165,000
24% $82,501 – $157,500   $165,001 – $315,000
32% $157,501 – $200,000   $315,001 – $400,000
35% $200,001 – $500,000   $400,001 – $600,000
37% $500,001 and Up   $600,001 and Up


The new tax code favors these structures with a 20% deduction on pass through income.  Please call OC Tax today and see if your business could benefit by converting to a  “Pass-Through” entity structure.

This is a brief description of key points that effect our clients and potential new clients, we will being updating the information in the coming weeks.

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More than a tax service!

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Tax Help!

Tax Help!

by: Mike Ward, EA


Finding yourself bogged down with tax problems?

Do you feel like you are unable to properly explain your unique situation to the IRS and other government agencies? Have these agencies become relentless on their collections?

Or maybe you just have questions regarding your new business?

Well you are not alone!

A clear path out of complicated tax situations can feel daunting.  Finding sound tax advice from your local tax professional can make the process of reconciliation much less financially and emotionally trying. OC Tax Service specializes in these exact situations.

Below are some of the most common tax situations and the ways OC Tax can help tackle these tax problems:


Timely filing your individual 1040 tax returns and/or your business (1120, 1120S, 1065) tax returns.

  • OC Tax Service specializes in Individual and small business tax filing and will help you get caught up on your personal and business tax return filing. If you have back tax debt the IRS will not negotiate until all due tax returns are filed.
  • OC Tax Service will guide you through penalty relief and offer and compromise options that the IRS offers.


Tax filing for 1099 income or independent contractor income. If you are a new or seasoned independent contractor and you are not properly preparing for income tax liabilities then you may be headed for, or already in “tax trouble”. You may need tax help.

  • OC Tax Service can help you take full advantage of all the tax deductions you are entitled to under the current tax code. After all the deductions are considered we will set up an estimated tax payment plan that will avoid large unexpected tax obligations at the end of the year.
  • Tax filing for 1099R. Early IRA distributions are taxed and penalized differently than other investments. The tax implications should be reviewed thoroughly before these tough decisions are made. If you are considering taking early distributions, or are unsure how your retirement will be taxed, than you may need tax advice from a tax professional.
  • At OC Tax Service, we have seasoned tax professionals available to explain any tax situation. We will discuss the tax implications of an early distribution from your IRA and the exceptions that may or may not apply to these rules.


Incorrect withholding on your W2 or 1099R. Setting up the proper withholding on your W2 or 1099R may keep you out of tax trouble and possibly save you from many tax headaches and tax problems.

  • OC Tax professionals can explain the different withholding on tour W2 or IRA and help you decide what is best for your unique situation.


Call OC Tax Service today and speak with of our knowledgeable Enrolled Agents or Registered Tax Preparers. (410)973-2742

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