3 Mandatory Tax Preparations for 2018!
As 2017 is nearing an end,
it’s time to consider how to prepare for the 2018 tax season.
We’ve compiled a list of changes that taxpayers should be aware of for the upcoming tax season.
Thankfully, there is still time to take advantage of any tax tips before the end of the 2017 tax year:
Time to get organized
Ensure that you have all of your tax documents in one, easy to locate place. Record-keeping is imperative for taxpayers, especially ones that have more complicated returns.
If you plan on taking many deductions, you should have receipts and accurate records of what you plan on deducting. It can be time-consuming, but keeping diligent records will better prepare you for the 2018 tax season!
Schedule an appointment with your tax preparer
Are you making estimated payments? Are you making charitable contributions? Did you have a life event such as job loss, birth of a new child, or divorce? It will be important to keep your tax preparer in the know so they can advise you throughout the year on the decisions that will impact your return.
Tax laws are also constantly changing, so your tax preparer will be able to keep you updated on the most current law that will affect your future returns.
Married Filing Jointly
According to Bloomberg BNA, married filing jointly taxpayers will be in the lower 28% bracket and will pay $52,983 in tax, “saving” $444 compared to 2017. Bloomberg BNA also predicts that the top 39.6% tax bracket will begin at $480,050 for married taxpayers and $426,700 for single taxpayers. The brackets are expected to break down as follows:
When April 2018 rolls around, you will feel much more prepared to file your taxes with ease and less stress. Feel free to email us or message us if you have any other tax preparation tips or ideas!
Written By: Nushin Zarrabi