January 7, 2019
RE: Tax Update
The Internal Revenue Service will begin accepting individual e-files by end of January 2019, exact date not yet announced. The government shutdown will not affect refunds.
To check status of refunds go to irs.gov and access Where’s My Refund? There is a new on line tool that allows taxpayers to check their IRS account. This can be found at irs.gov under “payments/finding-out-how-much-you owe.
Last year’s tax bill passed will affect many taxpayers in 2019 and beyond. We will be communicating those during your tax appointment this year. There are so many different changes it would take more than a one page over view. If you are a business owner you will see the new Qualified Business Income deduction. If you are a young family with children under 17 you will see your child tax credit doubled to $2000 for each child. If you do not itemize you will see your standard deduction doubled. You will most likely see your tax rate is lower and very well could see increased refunds. So all in all you should see some reduction in tax. For taxpayers with adjusted gross income above $100,000 maybe not so much.
We look forward to visiting with you and preparing the best possible 2018 return for you in 2019! Please call if you have questions or want further clarification.
Lawrence R. Yoder, CPA