Things You Can Do to Prepare for This Year’s Taxes
The 2018 Tax Law changes have been a largely talked about subject during 2018 and into 2019 as people prepare for their taxes to be done. With the standard deduction essentially doubling, and other important deductions being removed, people are worried about what the outcomes will be. Don’t worry, because speaking to one of our qualified tax accountants here at Montgomery Taylor Wealth Management can help calm your turmoil. To prepare for tax season, here are some things we hope you keep in mind:
- The tax brackets have slightly adjusted – so keep a close eye on your income and what taxable bracket that puts you under.
(S = Single; MFJ = Married Filing Joint; QW = Qualifying Widow; MFS = Married Filing Separate; HOH = Head of Household)
- Moving expenses are no longer deductible. If you’re moving for your company and aren’t sure whether to keep track of all those expenses, save yourself the time and effort because you don’t need to. The new tax laws have taken it away along with any job expenses and some miscellaneous deductions.
- State, local, and foreign property taxes and state and local sales taxes are allowed but capped at $10,000. If you pay any more than $10,000 for your property taxes, don’t expect to write the entire amount off, just a portion.
- If you’re not sure, bring everything. Our tax people are trained in knowing what is and isn’t important for your taxes – so you don’t need to worry. Just pack it all together and we will sift through it and pull out what we need. If you receive anything after giving us all your stuff, don’t worry, just email, mail or drop off to our office and we can add it in while it’s being prepared.