It’s getting close to that time of year again – tax day!
By Monday, April 15, individual income tax returns are due, sparking both fear and joy depending on whether you owe more money or are getting a refund.
This year is a little different because of the Tax Cuts and Jobs Act signed into law in December 2017. 2018 taxes are affected by that law, meaning this is our first tax season under tax reform.
Because everyone is getting used to an updated filing system, you’ll probably want to start working on your return as soon as possible. You have less than a month to get everything in order and submitted. Don’t wait until April 14 and find out you need more paperwork than you have.
One of the biggest changes is to rates and brackets. Rates have gone down for most individual filers and income brackets have been rearranged, so you’ll want to go back and take a look at the taxes that were taken out of your paychecks throughout the year.
Another big change is in the standard deduction. Many take the standard deduction rather than itemizing their deductions, and for most the standard deduction nearly doubled. But depending on your situation, you may still want to itemize.
The changes to this year’s taxes may be daunting, but there are plenty of online resources, both commercial and government, that walk you through each part of filing your taxes. Many even have offers to file federal or state for free. A quick internet search will show you companies that help file taxes and what their rates are for service.