Most Americans Not Aware of Important Tax Changes – Are You?
Most Americans Not Aware of Important Tax Changes – Are You?
Do you like change? If you answered yes, then chances are you’ll enjoy this tax season. However, not everyone enjoys change and for some this tax season will be an even bigger headache than normal.
But ready or not, tax changes are here and it’s up to you to be aware of how they will affect your tax return. According to a recent survey from GOBankingRates, an estimated 77 percent of taxpayers are not aware of all the new changes to the tax law this year. That could make for some scary times this tax season. So what about you? Do you know what’s changed this year, and are you ready for it?
Here are just a few of the big changes you need to know. We’ve been sharing this information for several months, but given the numbers from the GoBankingRates survey, this information is worth repeating.
For starters, itemizing deductions might be a thing of the past, at least for most taxpayers. Because the standard deductions have increased to $12,000 and $24,000 respectively, most people’s itemized deductions will not be more than the standard deductions.
Refunds are likely going to be smaller this year for most taxpayers. That’s because less money was being withheld from your paychecks throughout the year. You’ve already been receiving that extra money from your refund the entire year. So be prepared for a smaller refund.
Even if you’ve never hired professional help to do your taxes in the past, this year, you might need it. The tax code has changed significantly. And even though it was supposed to be less complicated, that isn’t the case. So contact GROCO to be sure you get your taxes done right.
We hope you found this article about “Most Americans Not Aware of Important Tax Changes – Are You?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
How To Avoid Taxes on Income From Selling Expensive Art?
Income tax on sale of Paintings Are you a collector of rare and expensive art? Are you tired of getting hit with high tax bills every time you sell one of your pieces? Anyone who deals with extremely value collectibles like artwork knows how expensive these works can be. Taxes for artists At the same…
IRS Blames Budget Cuts for Smaller Workforce, Poorer Customer Service
If you had any less than desirable experiences with the IRS this year then you’re probably not alone. That’s because the top tax agency continues to be plagued by complaints of poor customer service and a general lack of assistance. According to the IRS there’s good reason for that. The agency says it cannot keep…
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
Economists, politicians and people in general like to discuss the nation’s economy and where it stands at any given moment. There are many different points that are touched on and several aspects that are used as evidence to make important points. However, one indicator of the economy’s health that can never really be argued is…