Wednesday, January 2, 2019

"Tax experts say there is nothing to be intimidated about"




Tax experts say there is nothing to be intimidated by when filing your taxes this year, despite some changes to tax laws that went into effect at the start of the new year.

One difference will be how your 1040 tax form will look. It will now be condensed to the size of a postcard. However, it will still have six pages of information you must fill out.
This year, there is also an increase to standard deductions. For married couples who file jointly, the deduction amount is now $24,000. For those who are single or married but filing separately, its $12,000.
"The Heritage Foundation estimated that 86 percent of people will now take the standard deduction. What that means is those people prior to the changes would get to deduct interest on their house, real estate taxes and state income taxes paid," says Kendall Roberts, a certified public accountant based out of Clive.
Roberts adds that new tax laws could impact those who work from home too. The reimbursed employee expenses section on the federal tax return was removed.
"That section was eliminated all together. That impacts a lot of people that had expenses associated with their company's work and now they can't deduct it," says Roberts.

Are You in Trouble with the IRS and State? To schedule a free, legally privileged consultation with a Federal Tax Practitioner and Attorney in our conveniently located New York City office, call (212) 974-3435 or contact us online. *Same day and emergency appointments are available Monday through Friday. 

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