Accountants: 'Come extra prepared this tax season'
We’re a few weeks into the new tax filing season, and accountants are urging you to pay close attention.
The changes have caused some concern and confusion for some taxpayers.
New tax laws and the fear of a second government shutdown has people worried about their returns.
Certified Public Accountant Mellanee Walls says this is a big transition year for taxes and she's seen a lot of people worried about what this will mean for their refund.
READ MORE | Tax refunds down 8 percent this season
Walls is encouraging every taxpayer to bring as much information as you can to your tax professional.
“Sometimes, we are able to find some information that will prompt us to ask those questions,” said Mellanee Walls. “That allows you more deductions, then you would have known if you just didn't bring that information.”
She says with all the new changes to deductions, and exemptions it's better to be safe than sorry.
Walls says most taxpayers are seeing a decrease in the tax that they have to pay this year.
This is the time of year most employees will start making adjustments to their W-4s.
Walls says it's best to do that after you have a major life event like getting married or having a baby.
“On the IRS website, walk-through that withholding calculator, and it is going to tell you what you need to withhold,” said Walls. “You should do that at the beginning of every tax year.”
Walls says one law that there's confusion about is healthcare.
She says the part that is being repealed is the penalty for not having insurance.
“That penalty is being repealed in 2019. So for 2018, you still need to have your insurance information ready when you complete your tax returns,” said Walls.
Walls says the new laws that are already in place until 2025.