The adventures & musings of an Enrolled Agent representing clients in Tax Controversy cases at the Neighborhood Christian legal clinic - Low Income Taxpayer Clinic.

Indianapolis, Indiana

Are There Changes to Benefits for Dependents for Tax Year 2018? Yes!

Are There Changes to Benefits for Dependents for Tax Year 2018? Yes!

Deduction for personal exemptions suspended For 2018, you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents. THIS MEANS THAT…you will not be able to reduce the income that is subject to tax by the exemption amount for each person included on your tax return as you have in previous years.Read more about Are There Changes to Benefits for Dependents for Tax Year 2018? Yes![…]

Will I get a refund on my 2018 tax return because of tax reform?

Will I get a refund on my 2018 tax return because of tax reform?

What is tax reform? Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. What changed? For 2018, most tax rates have been reduced. This means most people will pay less tax starting this year. TheRead more about Will I get a refund on my 2018 tax return because of tax reform?[…]

Steps to Take Now to Get a Jump on Next Year’s Taxes

Steps to Take Now to Get a Jump on Next Year’s Taxes

What’s New for 2018 You may need a paycheck checkup. Following tax law changes, you should do a paycheck checkup using the IRS’s Withholding Calculator and, if necessary, complete a new  W-4 form. The calculator helps determine the right amount of withholding. You should check your withholding if you: Are a two-income family. Have two or more jobs atRead more about Steps to Take Now to Get a Jump on Next Year’s Taxes[…]