Tax Changes

What else has changed?

Not only are the laws different this year but the forms are also very different this year. Everything you are used to seeing is still there just in a very different format. If you head over to irs.gov you'll notice the 1040 is much shorter and it now includes schedules.

Now lets get into a little bit of the nitty gritty.

Standard deductions and personal exemptions. First the personal exemptions have been done away with, however, the standard deduction has now doubled. This will most likely hurt people who have dependents over the age of 17. This is primarily due to the inability to receive the child tax credit which has doubled this year to $2,000. However, you do have the ability to receive a $500 tax credit instead. Please note that this is a generalization and it would take a tax professional looking at your individual return to make an accurate assessment.

If you are in need of a tax professional please request a consultation today!