If you think the New Tax Law is nirvana, think again!
Yes, the New Tax Law nearly DOUBLED the Standard Deduction and did DOUBLE the Child Tax Credit; however, the New Tax Law will have lots of “dilemmas”, shall we say, that will need to be navigated to be sure your taxes are filed in the most beneficial manner for you and your family. For example:
- There are many new and revised tax forms for 2018, starting with the 1040. It might look simpler, but look again. Many line items from the old form were moved to six, new, numbered schedules … YIKES!
- The old 1040A and 1040EZ are gone, eliminated! ALL filers must now use the 1040;
- Schedule A has been revised to incorporate changes to Itemized Deductions, and the biggest one for any tax payer with more than a W-2 to file;
- Do I still itemize or do I just go with the increased Standard Deduction and be done with it?!?
Yes, the new TurboTax, TaxAct or whatever programs will work this into their program’s, but if you thought there were a lot of questions to appropriately answer in the past, as the old saying goes, “You ain’t seen nothing yet”! This year might be the best year ever to consider using a tax pro as opposed to doing it yourself.