It’s the time of year many of us have come to dread. It’s tax time. For some, this year is going to be more complicated than in the past. Some of the biggest changes in tax laws in years are taking effect.
Raphael Tulino, with the IRS, says some 400 forms had to be revised or redone, including the 1040 forms. But, Tulino says with so many people using tax software, doing your taxes isn’t any more complicated. The latest software incorporates the changes in the tax structure.
While most tax rates were reduced, it doesn’t mean it translate into a larger refund. Tax withholding amounts were also changed, which meant that if you work for a business, your paychecks might have been slightly larger because you got more of your money each month. Also, you may have been impacted by the numerous changes in deductions, which also affects refunds.
IRS officials say with all the changes, along with doing your taxes you should do some tax planning for changes you may need to make sure you don’t get socked with a big bill next time around.
They also caution that this is the time of year that scammers try to take advantages of people. The IRS will never call or e-mail demanding money. If there is an issue, they will always notify you by mail.