Tax season is here
Tax season just started, and there are a lot of changes to know about before you file.
Your 2018 return will be the first under the new tax law, the package of new rules are the most sweeping tax changes in more than 30 years.
One big change is that now every individual will use the same 1040 form.
But you'll need to file supplemental schedules depending on if you itemize deductions, or if you qualify for various tax credits.
There is also a much bigger standard deduction now.
Single filers get a deduction of $12,000, almost double the previous year's deduction.
Married couples filing jointly will see a deduction of $24,000 which is also close to double the old deduction.
But despite the larger deductions, it still makes sense for some people to itemize their deductions.
An Executive at H&R Block recommends crunching the numbers both ways to see which is more beneficial.
And remember, there was a major change to property taxes depending on where you live.
As for refunds, it's unclear as to how the new rules will affect those.
There are reports that refunds on the whole will be higher this year.