TAXES 2019: WHEN TO FILE AND WHAT BIG CHANGES TO EXPECT

2019 Taxes

Sitting down to do your taxes in the next few weeks – or talking with your tax preparer – will involve tackling the most sweeping changes in the federal income tax rules in more than 30 years. You’ll need to keep in mind that more than 600 rule changes took place under the Tax Cuts and Jobs Act, which was passed by Congress in late 2017. All those changes even drove some industry experts to raise concern early on about possible delays to the typical, late January start of the tax season – and that was long before the federal government shutdown hit on Dec. 22. President Donald Trump announced a deal on Friday to temporarily end that shutdown. Even with that disruption, the Internal Revenue Service promises to kick off tax season as of Jan. 28, the earliest date you can file your returns. Continue reading “TAXES 2019: WHEN TO FILE AND WHAT BIG CHANGES TO EXPECT”

New York State Decouples from Certain Federal Personal Income Tax Changes

The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made under the TCJA, New York State has decoupled from certain income tax changes. This is an overview of how some of these critical changes will impact the upcoming tax season: Continue reading “New York State Decouples from Certain Federal Personal Income Tax Changes”

The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds?

U.S. taxpayers are filing their first returns under the 2017 tax code overhaul that lowered rates for most people. What makes the paperwork headaches tolerable for many is the promise of a tax refund at the finish line. Yet more taxpayers will end up with no refund, or a smaller one, compared with a year ago, before the lower rates fully took effect. How could that be? The explanation rests with the many other changes that made it into the revised tax code. Some Americans are venting their surprise and anger. Continue reading “The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds?”