The Tax Deadline May Have Passed, But You May Want To Look At Next Year's Return, Now - NBC 5 Dallas-Fort Worth

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The Tax Deadline May Have Passed, But You May Want To Look At Next Year's Return, Now

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    You May Want To Look At Next Year's Tax Return, Now

    Changes to the tax law have the potential to change how much taxes you should pay out of your income now. (Published Monday, April 30, 2018)

    Tax day may have come and gone but it may be time for all of us to take a look at our tax forms for next year.

    Congress passed the "Tax Cuts and Jobs Act" last December.

    A spokesperson for the IRS tells NBC 5 a large number of Texans will be impacted by the amount of taxes we pay now especially if you’ve had a life event like a marriage or divorce.

    Look at your with-holdings. You have to make sure the amount of money you're paying in taxes each paycheck is enough to meet the new law's requirements.

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    The IRS has a new withholding calculator to help you figure that out. This one change alone could help you avoid a big surprise come tax time next year.

    Also, the standard deduction is much bigger now. You may not need to itemize your taxes any longer meaning all those receipts from charities may not be necessary for you any longer.

    It depends on your personal filing situation, but it may be worth it to sit down with an accountant, or tax preparer now to make sure you make the right changes to avoid a surprise next year.

    Click here for a withholding calculator from the IRS so you can crunch your personal finances.

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