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.
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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
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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.
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