Tax law changes and tips

CHATTANOOGA, TN (WDEF) – Tax season is here and there are some important changes to be mindful of.

“Tax planning and tax strategy is not something fun to talk about. It’s not like this is the most exciting dinner conversation we can have. What allows you to do is keep more of your money which is fine.” said John Vandergriff with Blue Ridge Wealth Planners.

Planing ahead is key. The further ahead you can plan for your tax situation, the better chance you have at reducing your tax burden.

John Vandergriff continues, “When you break tax planning down there’s a preventative tax plan of trying to make moves today to prevent taxes in the future and there’s a tax preparation side which your CPA or tax experts will be able to file those taxes to make sure that you all the taxes you’ve already generated.”

There are some major tax changes to look for this year particularly child tax credit, standard deduction, and tax bracket.

If you have any questions seeing a tax professional can be helpful and could save you more money than it’s costing you to hire them.

John Vandergriff said,”Sometimes when you have something that’s a little bit more complicated it’s OK to pay that money in TurboTax or something or you are the professional and hope this software allows you to put whatever situation you find yourself in. 90% of the people that’ll be OK but you could be the 10% where you break the software. If you feel like something may be out of the norm, it may be something that doesn’t fit the average situation, shell out the money to a CPA that’s experienced and help you not get in some trouble and they are probably find enough to pay for for their services or prevent you from making a mistake you didn’t even know about.”

Finally, working at home has become very common but you most likely won’t be able to write off those higher utility bills.

John Vandergriff said, “Unless you are self-employed you’re probably not gonna be able to expense those accounts. You may be able to call your employer and see if there’s a way to get some payment back but from a tax perspective there’s probably no wiggle room there for most people.”

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