Identity theft is becoming a significant problem and tax identity theft is a major part of the problem. As with anything in today’s times, you should be naturally suspicious of all electronic communications. There are always folks trying to steal your identity, but there are also people that legitimately need personal information from you. Be suspicious if anyone asks for your Social Security Number. Even if you know the vendor, ask why they need it, what they will be using it for, and it’s OK to refuse to give it to them if you don’t find it necessary.
There are always tax law changes, and the Tax Cuts and Jobs Act, passed in December 2017, certainly created a lot of changes. I can’t say for certain because every taxpayer has a different set of circumstances, but I believe most taxpayers will see both tax simplification and some reduction in federal tax paid. But there may be some surprising changes you weren’t expecting.
It is nearly that time of year again… time to start thinking about, and preparing, your taxes. Most people find this to be a stressful and frustrating experience. And we don’t blame them! With frequent tax law changes and exceedingly complex formulas, it can be difficult to wade through the ins and outs. This is why we’re here: we’ll give you the information you need to take advantage of tax-cutting opportunities.
Welcome to the first year of “tax reform” from the Tax Cuts and Jobs Act of 2017. We talked about a lot of changes made by this new law last year, but now we’re into actually reporting income and deductions under this new law. Some things changed, some things didn’t…so I thought I would let you know if “it’s still deductible”.