DENVER -- It’s tax time, and this year, filing income tax returns will be a little bit different due to President Donald Trump's tax reforms.
“We are getting lots of phone calls right now from people that aren't quite understanding the tax reform,” said Gerald Spivey, a master tax advisor with H&R Block in Denver.
Here are five changes Spivey says everyone should be aware of:
- The standard deduction has almost doubled for most people. “So, if you're single, instead of the $6,350, it's going to be $12,000. If you are married, filing jointly, it's going to be $24,000,” he said. Therefore, if you itemized last year, you may not need to now.
- Deductions are limited this year. You can no longer deduct business expenses that were not reimbursed like mileage, meals or tools. Plus, there are caps on the amount of mortgage interest and taxes you can deduct.
- The tax brackets have changed, with the top tax rate now at 37 percent.
- The forms will look different. Additionally, there are no more 1040 EZ or 1040 A forms.
- The withholding tables changed. So, even if you owe less in taxes for the year, it is possible that you had slightly bigger paychecks in 2018 and you could get a smaller refund.