WICHITA FALLS, Tx (RNN Texoma) - It's a busy time at the MWH Group in Wichita Falls as Shareholders work to finish yearly projections before tax season hits.
Shareholders like John Luig are also busy for another reason. The new tax bill.
"We've had a lot of phone calls and visits, clients and non-clients alike just trying to get a handle on how the changes will affect them," Luig said.
He said he even had people ask him about it at his family Christmas.
"Anywhere you go with friends and family or acquaintances, they know what you do for a living and maybe they want some free advice," Luig said. "More than that, they're just curious about our take on it."
"We kind of joke that we're full-time accountants and part-time therapists on occasion," he added. "But we know a lot about our clients and their families. So we tend to help on numerous levels."
Luig understands why so many people care and believes it will lead to more clients the next couple years, but drop back to normal once people understand the new law. He thinks most will benefit but said some families will pay more.
"Anytime you change tax legislation there will be winners and losers," Luig said.
His advice is to think about what affects you, dive into the changes, and figure out how you will be affected. Luig said, personally, he's excited about the challenge.
"One of the things that keeps our profession exciting and fresh is diving into a new challenge and kind of figuring out the wrinkles and how they apply to your clients," Luig said.
In the meantime, he will still make time to get away before tax season.
"I think we'll have a little downtime in January," Luig said. "So hopefully we'll spend a few days with family before tax season really kicks in."
Luig said there are calculators online that can help you get a baseline based on your 2016 return. He said he did it for his family and they saved around $1,400.
He expects more people to ask about the new tax bill, especially this time next year once it's been implemented for a year.