Our very own Greg Lamping, CPA joined the team at Fox19 to discuss how you might be impacted by the Tax Cuts and Jobs Act and to share these tips on how to prepare for the upcoming tax season.
Review your marginal tax bracket.
Individual income tax brackets have been affected so double check which bracket you fall in and research and talk with your CPA about how you may be able to get into a lower bracket.
Check your federal and state withholdings as compared to last year.
With the change in the tax withholding tables, some people may see that their withholdings have gone down, but their taxes have remained the same.
Have a designated file for all tax related documents.
As your forms come in, make sure that you keep them in a central location, like a folder, so when you meet with your advisor you have everything together and ready to go.
Review your tax return from last year and make a checklist of documents that you will need to complete your return this year such as:
- W-2 Forms
- Form 1099-Investment Broker Statements
- Form 1099- for Bank Savings interest
- Form SSA-1099 Social Security Benefit Statements
- Form 1099-R Retirement Statements
- Form 1098-Mortgage Interest Statement
- Listing of Charitable contributions
Contact Greg Lamping, CPA or one of our professionals if you would like to discuss how the Tax Cuts and Jobs Act will change tax strategies this year and how you can prepare for the upcoming tax season 859-331-1717.
