Tax season is upon us and as the government temporarily comes out of the shutdown, tax season will officially begin on January 28th. Starting on the 28th, taxpayers can file their federal tax returns and tax refunds will begin to be issued. Employers are required by January 31st to send out your W-2, this will list your earnings, retirement contributions and taxes that have been withheld. Businesses that hire independent contractors, should receive a 1099-MISC and they are also required to send them out before January 31st. If you are form 1099sA, you will receive your form before mid-February.
This year will be the first-year taxpayers will be filing their federal tax return under the changes made by the Tax Cuts and Job Act. There have been hundreds of changes to the tax code created by the Tax Cuts and Job Act. These include doubling the standard deduction for certain filers, increased the Child Tax Credit, the elimination of several miscellaneous deductions, and limits being placed on certain itemized deductions.