FOX News Channel (KHON2) Interviews Reg Baker on Tax Reform

Are you ready for the current tax reform? Follow the link above.
This morning on Wake Up 2day, CPA Reg Baker, a nationally recognized wealth management specialist and Hawaii Financial Advocate of the Year, joined us in studio to talk about the new law.
Baker says it remains uncertain how this will affect each person because everyone’s tax and business circumstances are unique, but also because the signing of the Tax Cuts and Jobs Act is only the end of the beginning.
Baker says if you have not already done so, take all the deductions you can for 2017, prepay expenses if possible and defer revenue to 2018 by depositing checks or process invoices after January 1, 2018.
He believes most Hawaii small business owners will save on taxes but how that happens and how much you save will depend primarily on your unique situation and how your tax preparer completes your tax return.
His biggest suggestion is to stay in contact with your tax preparer, ask them to keep you informed and bounce ideas off them during the year. These efforts could bring huge tax savings and let you keep more of what you have worked so hard to earn.
“Remember, what matters is not how much you make, but how much you keep,” says Baker.