Tax code changes could impact your refund

Filing your taxes may look a little different this year.

This is the first filing season where new tax reforms are in effect, leaving many wondering whether to hire a CPA or file on their own.

Among the big changes, the personal exemption is gone. It has been replaced by the $500 “other dependent credit” off one’s tax bill.

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Another major change is that the Standard Deduction has nearly doubled, up to $12,000 for single filers. That number is $24,000 for married couples.

“A lot of people who were itemizing won’t be itemizing anymore,” said Edward Jackson of Ned Jackson, Inc.

There are also fewer deductions this year.

People can no longer write off interest from a mortgage, if it wasn’t used toward a home.

The tuition deduction is gone. Employees are also no longer able to write off business expenses.

While Jackson says the goal was to simplify the tax code, he recommends people see an expert to find out where they stand among all the changes.

“This might be the year to come in because of all the changes,” he said.

Cox Media Group