With so many changes being made from our government, many Americans are growing frustrated about filing their taxes. Some reports that families will be receiving less if anything at all this year. What are the most uncommon tax return questions being asked for the 2019 tax year?
The New York Times spoke with professional CPAs and other tax prep pros to hopefully lessen the stress we’ll have while filing our taxes.
I was told there would be a tax cut for most people. So why is my return showing a tiny refund, or even an amount due?
In early 2018, the I.R.S. took its best shot at offering guidance to employers about how to change tax withholding from paychecks. In general, it suggested decreases, since the 2017 law was supposed to be a cut. That should have resulted in bigger paychecks for most people.
Should I take the standard deduction or itemize my deductions this year?
Taxpayers are entitled to take a standard tax deduction amount, or they can itemize their deductions individually; they can deduct whichever amount is higher, resulting in a lower tax bill.
Is it true that alimony is no longer deductible?
Under the previous law, spouses paying alimony could deduct those payments on their returns, while the recipients had to include the income on theirs. That remains the case for divorce agreements finalized on or before Dec. 31, 2018 (unless a couple changes the agreement after then). Therefore it’s true for returns filed this year.
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