This Morning: New tax law changes, what to expect when filing

News

Major changes made to the Federal Tax Law will directly impact taxpayers this tax filing season.

The money we’re waited all year long for is finally making it’s way back into our wallets.

But in order to get it, forms must be filed and this year there are some big changes.

Maybe the most significant, an increase in standard deductions for both singles and married couples.

“It was around 6 thousand and 12 thousand last year now it’s 12 thousand and 24 thousand,” says A.J. Gross, President and Founder of ALG Tax Solutions in East Lansing.

A jump Gross says might sway more people away from itimized deductions.

Gross says, filers will also notice a change in individual income tax brackets.

“The top income tax bracket last year was 39.6 percent, and the top tax bracket this year is 37 percent. so the tax bracket is a little bit more favorable for taxpayers,” says Gross.

He says more people should be able to take advantage of this money as well.

Filers will also notice the look and size of the 1040 form has drastically changed for those not filing online.

What used to be two pages, is now post-card sized.

While the idea behind the updated tax law was to make it easier for people to file, the changes might make things more difficult for filers, especially during this first year.

While another Government shutdown is looming, Gross says IRS workers will most likely still be in processing returns.

The deadline to file your taxes is April 15th.

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