April 17 is the last day to file taxes or you could face fines. Next year will bring a lot of changes after the new tax reform law.
Jeff Roman has spent 13 tax seasons helping thousands of people, but 2017 is the last year he will help people through many itemized deductions. They disappear next year, and Roman says it could hurt some people like truck drivers and union workers.
“They won’t be able to write off any miscellaneous expenses,” he says. “multiple work locations where they write off a lot of travel expenses” will go away.
Roman says the tax reform will likely push most people to take a standard deduction. He says it should lower the tax liability, or money owed.
“It might only be a couple hundred a year, but some people it’s 4 or 5 thousand,” says Roman.
There are other bonuses for families, too. “People with kids will get a bigger refund next year, more money back because they’re increasing the child tax credit.”
It sounds like common sense, but you can make filing a lot easier if your documents are together, whether you do it with a professional or on your own. You’ll need employer-issued forms like your W-2, receipts for expenses, and bills that may be deductible.
Less than 1 percent of people in America get audited, but it’s still important to double-check all your numbers.
(This story was originally published April 6, 2018)