COLUMBUS, Miss. (WCBI) – When filing taxes this year, there will be some big changes, and it could impact your refund.
Right now, many Americans are seeing less.
These changes are result of the new tax law President Trump signed into law at the end of 2017.
This means fewer deductions than in past years, which could lead to a smaller refund check or even owing the government money.
Keep your eyes open and be on high alert; your taxes won’t look the same this year.
A new law is making standard deductions much higher.
Accountant Dennis Duran said qualified business actually benefit. They get a 20 percent deduction.
“Most people won’t actually have enough to itemize, unless they have an extreme amount. they also did away with schedule 2106 ,which is employer on reimburse expenses. You know they pretty much, unless you’re about one or four different types of people, you cannot claim those anymore,” said Duran.
Another change is in healthcare, where some will now have to pay.
“If you haven’t had health insurance in the last several years, you’ll have to pay a penalty depending on your income filing status or who all you have at home,” said Duran.
Brenda Martin said her clients are also surprised when they see the child tax credit and its lower figures.
“The child tax credit, which they had promised two thousand dollars, but they’re not getting. They’re getting 1400 hundred and then a lot of times they don’t see it cause I do a tax review with me clients,” said Martin.
Returns with earned income credit, child dependents, or those that went to college in 2018 won’t be processed until after February 27.
If you have any questions, meet with your tax preparer and ask questions about these new laws.