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After each tax season ends, another creeps up on you.
You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you this year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.
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No more personal and dependent exemptions.
The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year. Click here to deduct your personal exemptions now.
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The Standard Deduction doubles.
Continue reading “10 Tax Changes for 2019!”
It’s back to school time, so here are some tips for your taxes!
Attention parents:
- Get up to $2,000 for the Child Tax Credit if your child is under 17, resided for more than half the year with you, a dependent on your tax return, your relative, a U.S. citizen, national or resident alien. The refundable amount of the credit goes up to $1,400.
- If your child is under 13, claim the child and dependent care credit for child care expenses.
- Depending on your income, you can claim the Earned Income Credit (EIC).
- The Adoption Tax Credit reduces your tax for fees related to court, attorney, travel and meal expenses. You can also claim the Special Needs Credits for all relating child’s special needs expenses.
- If you’re paying for your child’s college education, claim the Education Credit for tuition, mandatory supplies and related fees.
Continue reading “It’s Back-to-School & Time For Your Refund!”
Do you feel like you’re playing the waiting game?
You might be wondering how long it takes for you to receive your refund. Typically, the IRS issues tax refunds in less than 21 days as long as there are no discrepancies.
If you are due a refund, it may take longer depending on the situation or time your financial institution takes to direct deposit or mail it to you.
Here are some situations that may prevent you from receiving your refund:
Continue reading “What is the Tax Refund Schedule for 2018?”
