KILLEEN, TX — There are few guarantees in life, and taxes are one of them.
As Americans prepare to tackle their taxes this year, there are some changes that are coming down the pike.
“It is the ending of some of the credits such as solar credits,” said Kim Walker, Lillie Aguero & Associates in Killeen.
Another change is that the standard deduction is rising.
Filers have two options when filling out returns: they can opt for the standard deduction or they can itemize their deductions.
Itemizing is often time consuming, so for most families sticking to the standard deduction can make filing taxes far less complicated.
For single filers, the standard deduction goes from $12,000 in 2018 to $12,200 for 2019.
Those who are married and filing jointly can see a change from $24,000 in 2018 to $24,400 for the 2019 tax season.
Companies may have their own challenges in 2020 too.
“Our new W4's have changed so they’re a little bit of a monster to figure out...that is presenting a challenge for some of our employers that have new employees coming in,” said Walker.
If you haven’t booked an appointment with a tax preparer, now is the time to make that call.
Many businesses work with customers on a first come, first serve basis.
“The earlier you bring your stuff in. The earlier we can get it filed. The fewer tax returns that the IRS has already received. So you’re kind of earlier in line for them as well,” said Walker.
Tax filing begins Jan. 27.
