It is tax time, you have less than a month until the deadline to file and there are a lot of changes that could be taking a big chunk out of your refund.
Today’s Good Question comes from Barbara who asks, “Why am I suddenly having to pay money when I haven’t had to in the past, ever?”
John King Accounting and Tax Manager at Fish, Streyffeler and Ulmer in Summerville, talking taxes, and all the changes that come with the new tax act.
A lot of changes have been made, like the personal exemptions and itemized deductions but the child tax credit has increased.
King suggests talking to the person who prepares your taxes or even your HR Director at work to see if you have to adjust your withholdings
It’s too late for 2018 but you can help yourself in 2019.
King also says beware of programs like Turbo Tax, Tax Slayer, and the IRS Free File Program, as these programs can overlook the numerous changes contained in the Trump Tax Act.