Tax season is about to get under way. Many people have already received their W-2 forms. So what can you expect this year as you prepare to file your tax return?
Tax season has rolled around once again. And while it's a dreaded time for most, tax preparer Brenda Owens says you can prevent a headache if you know what to look for.
"Some of the new tax laws are that exemptions went up, our standard deductions went up," said Owens.
For example, the deduction for married couples filing jointly has gone up to ten thousand dollars.
" If you have 2 dependents and if you make $34,000, you can get some earned income credit. So that went up to help people with children," said Owens.
You may be pleasantly surprised this year. Some new tax laws will help to increase the amount of your refund.
"I think everyone will see that they get back a little bit more this year," said Owens.
That's music to the ears of taxpayers.
" In the past we've always gotten money back and like lots of money back, so I'm anticipating that that won't change and we'll probably get some back this year, which is a good feeling rather than having to pay," said Bryan resident Susan McKneely.
"I'm just hoping I come out ahead unlike every other year," said Bryan resident Doug Anderson.
Hurricane victims will have lots of options for filing and get extended deadlines through the IRS. Also people who donated to hurricane relief efforts may be eligible for some tax breaks.
Tax experts offer these tips to help reduce the stress during tax time.
Keep all your documents organized. If you choose to have someone else do your taxes, make sure that person is a licensed accountant or tax preparer and ask lots of questions.
For more information on the new tax laws go to the featured links section on the homepage.