2019 will ring in the New Year with significant changes for tax payers. Whether you get a W-2 or 1099-Misc there are some things you should be aware of as April 15th approaches and you begin to prepare your 2018 tax return.
The most important and timely information first. Start your preparations NOW! We know, we know, you hear this every year, but this year we mean it! The government shutdown, if prolonged, could cause major delays in getting your tax return. If you’re expecting a refund that’s no fun. So file your return as early as possible, meaning now if you can.
If you’re self-employed or have a small business the Tax Cuts and Jobs Act passed in 2017 still allows for most of the business tax deductions you’ve been used to claiming in the past.
Here’s a list of the top 10:
There are also some new “don’ts” when it comes to deductions for the 2018 tax year. They’ll mainly effect your personal deductions rather than your business.
When it comes to taxes one axiom remains true.
The more things change, the more they stay the same.