{"id":657,"date":"2018-03-15T08:23:55","date_gmt":"2018-03-15T08:23:55","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=530"},"modified":"2023-08-30T13:54:32","modified_gmt":"2023-08-30T13:54:32","slug":"how-a-tax-accountant-helps-you-with-the-new-tax-bill-standards","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/personal-back-taxes-tax-debt\/how-a-tax-accountant-helps-you-with-the-new-tax-bill-standards","title":{"rendered":"How a Tax Accountant Helps You With the New Tax Bill Standards"},"content":{"rendered":"\n

We’re well in the midst of tax season, and the new tax bill under the Trump Administration is here.<\/p>\n\n\n\n

With that said, do you understand what all those new changes mean? Or, are you part of the 57% of Americans<\/a> who feel confused and overwhelmed by the tax code?<\/p>\n\n\n\n

Taxes can be complicated, especially if you have various income streams, unique life circumstances like disabilities or an injured spouse<\/a>, or own a business.<\/p>\n\n\n\n

Fortunately, a tax accountant can help you with everything you need to know about filing appropriately under the new bill.<\/p>\n\n\n\n

Let’s get into it!<\/p>\n\n\n\n

Your Taxes Will Likely Change This Year<\/h2>\n\n\n\n

Nearly three-quarters of Americans who use the standard deduction for their taxes will probably receive a lower tax bill.<\/p>\n\n\n\n

How much is highly variable, and a tax accountant will be able to provide you with a much better ballpark estimate.<\/p>\n\n\n\n

The new Tax Cuts and Job Acts has 185 pages (that’s not a typo), and there are plenty of nuanced rules and different tax brackets.<\/p>\n\n\n\n

With that said, the standard deduction requirements have changed significantly. It’s now $12,000 for singles filing independently and $24,000 for married people filing jointly.<\/p>\n\n\n\n

Your child and dependent care tax credit<\/a> will also change this year; it doubles to $2000 for each dependent child under the age of 17.<\/p>\n\n\n\n

However, it’s not all breaks here. The personal exemption is now eliminated, and if you have itemized in the past, you will lose quite a few deductions. A qualified and competent tax accountant can help you navigate those changes.<\/p>\n\n\n\n

Deductions Are Changing<\/h2>\n\n\n\n

To deduct or to itemize, that is the everlasting question. Approximately 30% of U.S households itemize, but experts predict this number will decrease due to the new tax law eliminating some of the more common itemized deductions.<\/p>\n\n\n\n

Many tax deductions have changed or been completely eliminated in the past year.<\/p>\n\n\n\n

For example, you are limited to deduct $10,000 for state, local, and real-estate taxes. In the past, this varied depending on your adjusted gross income, not just a hard number.<\/p>\n\n\n\n

Do you pay a mortgage? The interest is only deductible on up to $750,000 in debt.<\/p>\n\n\n\n

Like to contribute to charity? They remain deductive under the new tax reform, but taxpayers cannot deduct payments made to colleges or college athletic programs.<\/p>\n\n\n

\n
\n\n
\n
\n

\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

\n
\n
\n