There is a new tax code in the US that was enacted recently. This will not affect people filing taxes in 2018 for the year 2017, but will start to affect people in 2019 when they file their 2018 taxes. The point of this new tax code is supposed to be to make things more simple, but whenever there is a change in the tax policies there tends to be a lot of confusion overall. This has nothing to do with whether or not you agree with the changes, because now it is law and everyone who wants to avoid the scrutiny of the IRS will have to follow it.
The basics of the new plan are that most tax brackets will pay a slightly smaller percentage of their income as taxes. The plan also increases the standard deduction which helps out a lot of people. However, there are also a lot of small details that you will not be able to learn about through a tax preparation software. These programs are designed for people with very simple returns who do not need the scrutinizing eyes of an experienced tax attorney. When you want to make sure you cross all of your Ts and dot your Is, you really do need to hire a CPA attorney.
Don’t let your confusion get the best of you because that could come back to bite you later on. You don’t want to risk an audit because that is a big hassle that will cost you a lot of time and money. If you don’t file your taxes right the first time you will be at risk for wage garnishment, tax liens and more. Hire the right person to help you with your taxes and that is the team at Hutto & Associates.
