This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/05/31/top-5-lessons-learned-from-tax-season-2018/
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by Steve Moskowitz, founding partner of Moskowitz LLP
If the 2018 tax season left you reeling, you are not alone. Taxpayers and professionals are still working to make sense of the sweeping changes brought about by the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA implemented the broadest reforms in decades, leaving many Americans wondering how to adjust.
Here arefive key ways to get ahead for next year:
1. Revisit tax withholdings.
The Government Accountability Office reports nearly 33 million taxpayers did not withhold enough taxes in 2018. As a result, 21% were responsible for paying even more at year’s end. This discrepancy is due, in part, to caps on state and local tax deductions and the elimination of the personal exemption. A qualified tax attorney can help calculate the tax liability and determine the needed withholding.
2. Understand how family size affects standard deductions.
The TCJA nearly doubled the standard deduction amounts, raising them to $12,000 for singles, $24,000 for joint-filing married couples, and $18,000 for heads of households. This means larger families with several dependents could end up paying more in taxes, and the Child Tax Credit – increased to $2,000 – may not be enough to offset the loss. Seek help from a tax attorney to determine the best possible strategy, such as taking advantage of other applicable sections of the new tax law.
3. Make good use of allowed, itemized deductions.
Taxpayers who rely heavily on itemizing may be in for a shock, as the TCJA significantly altered which items are deductible. In the event that these changes increase the year’s tax bill, a qualified tax attorney can help explore other avenues, such as deducting the interest from mortgage debt, charitable con… Read More
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