2018 Tax Season in Review: Highlights and Low Lights
2018 Tax Season in Review: Many changes were made to the tax code by the TCJA which made the 2018 tax season challenging to say the least. We educated our clients on the new Standard Deduction thresholds and the elimination of the Personal Exemption Amount. Many individual taxpayers were less than thrilled with the results of their return in terms of getting a lower refund or owing money that they had not expected to owe to the Internal Revenue Service. Many individuals received more money in their take home pay throughout the year and as such had much less in Federal Withholding which decreased the refunds being received. We have many other returns to complete and time will tell whether the new TCJA law will be well received.