JOPLIN, Mo. — We’re still more than two months away from the April tax deadline, but there are some changes to factor in when you’re ready to start crunching numbers.
It’s likely not your favorite time of year, but it is time to start thinking taxes, and what may be different this year.
Joplin CPA William Roderique says that includes changes to the tax brackets themselves.
So, a married couple can earn up to 94 thousand dollars and stay within the 12 percent tax rate.
There’s also a small boost to the standard deduction.
“For this year, just like past years, there’s inflationary increases in deductions in tax brackets. And so, you know, we’re seeing how, really, as a result of the 2017 Tax Cuts and Jobs Act, that increased the standard deduction for individuals,” said William Roderique, Joplin CPA.
That’s 14 thousand for a single taxpayer or about 20 thousand for a married couple.
Meanwhile, the child tax credit stays at two thousand dollars per child.
“That’s child tax credit that does not cover child care credits which are available. It does not cover the earned income credit, which is separate but still tied to dependent children for the most part,” said Roderique.
Your job could also potentially play a role.
“Teachers have a supplies expense deduction of its two or 250 or 300 bucks, which out-of-pocket expenses, which most teachers that I know spend more than that. But it’s some little, some little break, you know,” said Roderique.
Of course, before you even start, you need the numbers, which you might not have yet.
“One of the changes is not really a change in taxes, but the delay in forms. It seems like every year, the bank statements, the brokerage statements, the report dividends and interest and capital gains and losses, those things get issued later and later,” said Roderique.
There are still several weeks to go, until the deadline, Tuesday, April 15.
We’ll be taking a closer look at the ins and outs of filing your taxes every week online, at fourstateshomepage.com.
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