Have you had your “Paycheck Checkup”?
The most recent tax reform laws could have a significant impact on filers who have itemized their deductions in the past. (Many people have historically itemized their deductions to take advantage of mortgage interest deductions and deductions for donations to charity.)
People who’ve itemized deductions on past tax returns should consider doing a “paycheck checkup.” You can use the updated IRS Withholding Calculator to help determine if the right amount of money is being held from your paycheck so that you can minimize surprises at tax time. This is especially important due to tax law changes like:
• A cap on deductions for state and local taxes.
• Limits to the deduction for home mortgage interest in certain cases.
• Elimination of deductions for employee business expenses, tax preparation fees and investment expenses.
You can find out more at IRS.gov/taxreform.
Did you know the IRS is on YouTube? Here are some YouTube videos that discuss some of the tax law changes:
▼ More from the Blog ▼
Thank you @JusticeForAllTN for recognizing DPBC’s @mirandachristy for her dedication to pro bono service in Tennessee! https://t.co/yXRRBZOWjp
Congratulations to Miranda Christy! Being recognized as a 2020 Tennessee Supreme Court Attorney for Justice shows a true commitment towards Pro Bono, and the work is life changing for clients. Your efforts make a difference for us all!
#probono #recognition #law #attorney https://t.co/eNwy6dTIvu