Happy New Year and Happy Tax Season 2019!
With many changes coming to us as a part of the “Tax Cuts and Jobs Act” of 2017, it is important that our clients stay updated and feel prepared this tax season in our efforts to provide you with the best service possible. There may be questions as to what items should be provided to your accountant this year with all the changes. Although the standard deductions have significantly increased due to the tax reform and may cause many tax filers previously itemizing to claim the standard deduction for 2018, it is important to continue to provide all relevant tax forms. Accountants will continue to ask for common deduction items, in addition to income tax forms (W-2’s, 1099’s, etc.), to ensure itemization or the standard deduction is appropriate for your specific tax situation.
The checklist includes several common itemized deductions to consider gathering for your accountant this tax season. Also, we encourage you to refer to our August 6, 2018 blog post for details regarding new rules for standard deductions and itemized deductions and be sure to consult with your accountant with any questions.