The 2018 Tax Reform: Don’t Be Caught Off Guard
You’ve probably heard by now of the tax reform bill called the “Tax Cuts and Jobs Act”. But are you familiar with what it means, and how it will affect you and your family when you go to file your taxes next year? Don’t wait until tax season comes around to find out. Knowing what to expect beforehand will ensure that you aren’t caught off guard.
Newly Eliminated Exemptions
Corporate tax changes are permanent. In contrast, unless extended by Congress, most individual tax provisions are temporary and will expire after 2025. One of the biggest changes Americans will see is with standard deductions. These have nearly doubled for all filers, but exemptions are being eliminated. Before the new tax laws, taxpayers would get a deduction along with personal exemptions for themselves, their spouse, and any dependents. Now, they will only get the deduction and no exemptions. Families with multiple dependents will be most affected by this change.
New Tax Laws for 2018
It’s a wise idea to make sure you are aware of the details of how this will affect you and your family before it is time to file taxes next year. Be sure to read up on the tax reform prior to tax season, and contact your taxation specialist here at Alron to discuss any questions or concerns you have related to the new laws. We are always happy to work with you to ensure you are ready to file.
It’s Time to Hire a Tax Professional.
Here at Alron, we will handle the brunt of tax preparation to make sure everything is filed correctly, down to the last detail. Did you know that many Americans overpay their taxes each year? Just one missed deduction could cost you greatly. This paired with the fact that tax laws are changing means that working with a tax professional is your wisest move. Don’t rely on self-filing options like TurboTax or other online services, because software programs may not be updated to accommodate the tax reform. Contact us today, and come tax season, you’ll have nothing to worry about knowing your taxes are covered!