Locally owned CPA firm, Barene DenAdel, is known in Grays Harbor County for offering various educational events to community members near and far. The next event on their agenda is a free Tax Update Seminar taking place on February 7. Anyone who would like to learn the ins and outs of the recently passed Tax Cuts and Jobs Act and its direct effects on small businesses and individuals is welcome to attend.
Photo courtesy: Barene DenAdel
Barene DenAdel first launched their monthly community-focused events, 3rd Thursdays, last year. Since then, they’ve hosted many events that have rapidly gained in popularity. “We hosted a Tax Update event last year and presented more of a general update,” says Erin DenAdel, managing partner at Barene DenAdel. “This year’s Tax Update event will offer a more in-depth presentation focusing on the recently passed bill that impacts both businesses and individuals.”
The Tax Cuts and Jobs Act is the largest tax reform bill since tax changes in the 1980s under President Reagan. On December 22, 2017 the bill was signed into law and became effective beginning January 1, 2018. Since being in place, this is the first tax filing season under the new law, resulting in numerous significant changes that will affect every taxpayer. A few of the many changes that everyone can expect to see include: new limits on deductions for state and local taxes, lower individual rates, no more miscellaneous itemized deductions and much more.
Speakers at the event include both Erin DenAdel and Noel Gill, staff accountant at Barene DenAdel. “One of the largest changes to the tax law this year is the elimination of the Affordable Care Act Individual Mandate,” expresses Noel. “Many people have forgotten about this change and beginning next year, no one will be penalized for partial year health insurance coverage.” Erin and Noel will each present on important tax changes as well as give the community members in attendance the opportunity to have their questions answered.
“The most significant change that small businesses can expect, and the one that all of us at Barene DenAdel are most excited about, is the 20 percent Qualified Business Income Deduction,” explains Erin. This change has the potential to save small business owners a significant amount on their taxes. To hear more about this change and many others associated with the Tax Cuts and Jobs Act mark your calendars for this event.
The Tax Update Seminar hosted by Barene DenAdel has been relocated to the Rotary Log Pavilion at 1401 Sargent Blvd in Aberdeen with the hopes of reaching a wider audience in an easily accessible location. “We believe that as we reach out to more people with this information, we can make a positive impact in our community and in surrounding communities,” states Erin. “One of our firm’s core values is impact. Our goal with this event and every other is to positively impact the business community in Grays Harbor and beyond.”
This educational Tax Update Seminar is free to the public and will take place on February 7. Social hour begins at 5:30 p.m. and the event will start at 6:00 p.m. Contact Barene DenAdel at 360-533-1153 for more information on this event and to learn about the services that they offer.
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