Local Experts At H&R Block Share Tax Season TipsLast Edited:
Tax season officially kicks off this week and experts want to make sure filers are up to date following recent changes due to the Federal Tax Reform legislation that passed last year.
“The sooner you know your outcome, the better it is you have the extra couple months to — if you do God forbid owe — to actually come up with the money,” says Connie Amarante, tax associate, H&R Block.
Amarante says that’s the common rule for those filing this tax season.
In light of the current tax reform, experts say they have answers for those who could also be worried about refund delays.
“It’s something that everybody is really uneasy about," says Amarante. "We’re here to hold your hand and walk you through the tax reform.”
Officials say the tax reform changes will impact everyone with new tax brackets and rates, but other changes can also impact families, homeowners, and self-employed individuals.
“For example, if last year ... 25 percent of your income was taxable this year with the new tax break that you have maybe only 20 percent of it is taxable," says Amarante. "So you get more money in your paycheck throughout the year, but it could mean that you get less money at the end of the year.”
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Those who were affected by the partial government shutdown, that has now reopened, do not have to worry.
“It was never going to impact your taxes. The IRS was still scheduled to open on the 28th of January, and they were still open on the 28th of January," says Amarante. "But you do have certain credits on your refunds — like if you have EIC or if you have kids on your return because of the PATH act a couple of years ago that is going to impact the delay on your refund.”
All state and federal returns are due by Monday, April 15th this year.
To learn more, visit hrblock.com/filing-options-and-products.html.
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