December 07, 2018 08:32 PM
As the year draws to a close, you are probably thinking about making an appointment to file your taxes next year. Many of you may be wondering what will be different this year, and should you make changes now to benefit you at tax time?
To help clear up some of these questions, News10NBC spoke with CPA Thomas Ferraro Jr. Friday afternoon.
He says while the tax law has changed, you may have already seen the biggest impact, which is more money in your paycheck every week.
"Part of what I'm concerned about: what will happen with the deductibles...will they essentially go away?" questioned Annie Marie, Brighton resident.
Annie Marie of Brighton has already made an appointment with her accountant just in case. "I want to make sure I know what we're looking at before we get to the final timing to see if we can do anything about it."
Marie wants to head off any surprises come tax time.
The changes mean a married couple filing jointly will get a $24,000 deduction.To get a bigger benefit, you'll need more than $24,000 in deductions. Thomas ferraro says that's $4,000 more than couples were allowed last year.
"That's going to be one of the major changes that will affect most people. In some instances, it might not really affect a lot of people...it depends on the number of dependents that you had before," says Ferraro.
Ferraro says, while you'll lose some deductions, other changes may offset that. "The difficulty is...they gave you some of your money up front this year...that could be tricky this year."
Adam Piacquad liked seeing those extra dollars in his paycheck. He's not concerned about filing his taxes.
"I know my overall net pay has gone up a couple of thousand dollars. I don't have any real estate, so I'm not worried about that calculation," says Piacquad.
Some deductions are going away on your federal income tax return, but the standard deductions are much higher.
You will still be able to itemize deductions on your New York state return.
Updated: December 07, 2018 08:32 PM
Created: December 07, 2018 08:11 PM
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