Tuesday, 12 March 2019
You've been filing taxes for years and you're ready to start on your 2018 return.
Like always, you're planning to deduct the interest you've paid on your mortgage and home equity line of credit. You've made several charitable donations during the year, and you have business expenses you can write off.
Well, you just might be in for a surprise this year. While Congress has made many changes to the tax code over the past decades, most of them haven't affected the majority of taxpayers. The changes lawmakers made in 2018 may be the most significant since Ronald Reagan was president. These changes will affect millions of taxpayers' 2018 returns.
Considering the extent of the changes, it's probably not wise to base your 2018 gains or losses from previous years. To be safe, take some time to familiarize yourself with the recent changes and determine how they might affect your 2018 return. And, of course, if you have concerns or questions as you begin working on your return, it's always wise to consult a tax professional.
This is far from an exhaustive list of the changes made in 2018, and there are possibly others that might impact you. Again, if you have questions or concerns, consulting a tax professional could help you avoid costly mistakes.
The good news is free or low-cost assistance is available from numerous sources. Here are a few:
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