(CBS News) — The tax law anesthetized backward aftermost year included slews of changes that will accept advanced impacts beyond the U.S. Among them is a acceptable jump in the numbers of Americans who’ll owe taxes back they book 2018 returns.
The Government Accountability Office (GAO) recently issued a report warning that added than 4.5 actor taxpayers will appear up abbreviate aing April, unless they act now to acclimatize their denial amounts.
This is because the tax law or alike alone aing itemized deductions claimed by millions of taxpayers — about 28 actor of them for 2017. The better contributors to this are the new banned on accompaniment and ed tax deductions (the SALT deductions), a brake on the bulk you can abstract for home mortgage absorption and the aishment of the answer for job-related expenses.
Those best acceptable to owe tax for 2018 are those who catalog deductions. The GAO looked carefully at this accumulation and provided added accuracy as to who it will include. Specifically, affiliated taxpayers who catalog deductions, with two accouchement beneath age 17, assets beyond $180,000 from one or added jobs and who accept $20,000 or added in nonwage assets (dividends, absorption or basic gains) are awful acceptable to accept to pay added tax back they book aing year.
The IRS recommends that taxpayers who catalog should do some planning now to
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