New rules for tax season

MARQUETTE, Mich. (WLUC) - Tax season is here and people are looking forward to their tax returns.

However, this tax season is quite different than any other tax season.

This year, we see the biggest change in the tax code since 1987 - when President Reagan was in office.

These changes were put in place by the Trump presidency and Republican Party to give significant tax cuts to stimulate the economy.

"One of the major changes is that the taxation rates are lowered and the tax brackets were also expanded. So many people are finding that with the same income as in the prior year, they are in a lower tax bracket this year,” said GG Gordon.

This means people may have fallen into a lower tax bracket, even though they made the same amount of money as the previous year.

But, they might be disappointed by the size of their refund.

"Most people who work for wages are also finding that during the course of the year, their withholding was adjusted to effect these changes. So, sometimes their refunds aren't as large as in a prior year or aren't significantly large than in a prior year."

GG advises people to see a professional to get their taxes done - especially with the new changes.

"So many people think that just because there is software out there that they can buy if even use for free, that they are getting the correct results on their tax returns, and we know because we see tax returns that are prepared during the off season, that many mistakes happen that way."

The deadline to file your taxes is April 15th.



 
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