IN THIS PODCAST: Kent Busek, from Taxman, joins It Takes 2 to talk “new tax rules”. What are the new rules that may impact taxpayers.
The bill passed
in December brings most changes to next years tax season. There are very few changes made for this filling season.
And, they are preparing for the changes, like personal exemptions, which are going away. However, Busek says, the child tax credit will be more beneficial than previously.
And, he notes, the taxpayer that has un-reimbursed business expenses (lunches, travel, mileage, etc.), they will lose the misc. itemized deductions. Busek says he has seen a few cases where those people’s tax liability might go up a bit.
Busek says, “with the first wave of taxpayers coming through… we were able to calculate their tax liability next year. And for 96-97% of them, their taxes are going down.”
Listen above for more information!
(Jack Sunday & Amy Iler are talk-show hosts at 790 AM KFGO in Fargo-Moorhead. “It Takes 2 with Jack & Amy” can be heard weekdays 11am-2pm. Follow Amy on Twitter @AmyKFGO. Follow Jack on Twitter @nodakjack.)
