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.