7 Tax Experts on How to Ace Tax Season
Accountants and finance pros share what they wish more people knew before April 15
Doing your taxes is already unpleasant enough without running into any surprises during the process. But for plenty of taxpayers this year, surprises are exactly what the future holds.
The Tax Cuts and Jobs Act, passed in December 2017, was one of the largest tax overhauls in decades — and it took effect for the 2018 tax year, meaning you’ll see changes starting now. Among other things, the bill limits state and local tax deductions (you can deduct up to $10,000), lowers tax rates, and roughly doubles the standard deduction amount, which is the flat number that reduces the amount of income you have to pay taxes on.
For many folks, the changes are a lot to keep up with. In a survey commissioned by the personal finance company NerdWallet, over a quarter of Americans could not confidently report what exactly changed with the Tax Cuts and Jobs Act, and nearly half didn’t know what it would mean for their tax bracket, specifically.
As April 15 inches closer, tax professionals and financial experts weigh in on what they wished more people knew going into tax season, their best advice for the changes taking place, and how to prepare for next year.
