A.H. Gantt CPA & Associates
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Overwhelmed By Tax Reform?

How To Prepare For Next Year’s Taxes

Ready or not, tax reform is here. And while many Americans will benefit from the Tax Cuts and Jobs Act, there are some changes you should be aware of in order to lighten your tax bill. 




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Withholding

Some of the changes that affect you and your family include:

  • increasing the standard deduction
  • removing personal exemptions
  • increasing the child tax credit
  • adding a new credit for other dependents 
  • limiting or discontinuing certain deductions
https://www.dailysignal.com/
"Due to tax changes in the Tax Cuts and Jobs Act, many taxpayers’ withholding went down in early 2018, giving them more money in their paychecks in 2018." - irs.gov

Avoid an unexpected tax bill when you file your return by checking your withholding amount.​

2018 Withholding Calculator
Update Your Withholding 

Refunds

By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.

​While the IRS will process your return when it is received, it cannot issue EITC/ACTC related refunds before mid-February.

For more information visit:  https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes