COLUMBUS, Miss. (WCBI) – Millions of Americans are preparing to file their taxes as the April 15th filing deadline quickly approaches. Some new changes to the tax laws could affect your bottom line.
“The tax law is always ever changing. That’s why it’s always good to consult with your Certified Public Accountant,” says CPA Tawanda Dismuke Johnikin of Columbus.
Tax season officially began on January 31st for those filing a 1040 tax return. This is ten days later than last year due to the government shutdown. However, the official deadline to file your taxes is still April 15th. Johnikin says one important change this tax year is with Rapid Refund programs.
“Rapid Refund no longer exist and the IRS says the fastest, most efficient and effective way to receive your refund is through e-file and direct deposit,” says Johnikin.
Johnikin says most of the tax law changes will affect singles making over $200,000 and joint tax-filers making over $250,000 per year. Businesses and those who may itemize their deductions will also have to keep better mileage records this year.
“They want you to keep a log so you can keep exact track of how many miles you have driven for that particular purpose to be deducted on your tax return,” says Johnikin.
Tax payers should be reminded that commuter miles, from home to work, are not tax deductible. The IRS has also provided new, year-end tax planning information on the IRS website.
If you’re not sure you’ll be prepared to file by April 15th, the IRS will allow anyone to request a 6-month extension to file their tax return.