The 2017 tax filing deadline is less than three weeks away, but some people are confused about when the Trump tax law takes effect.
Liberty Tax in West Springfield said some people don’t understand that we won’t file tax returns under the new tax law until next year.
The new law’s regulations won’t impact your taxes until you file your 2018 tax return in 2019.
Liberty Tax said you may have qualified for homeowners and education deductions that you didn’t take. You can still claim them, but it involves more paper work and more time if you filed early.
Ray Maagero from Liberty Tax in West Springfield told 22News, “In fact the IRS forms weren’t even available to handle that, so if you filed early, you should go back and take a look to see if those were actually on your forms. So they’d have to go back and file an amended return, and wait the eight weeks for the change.”
Liberty Tax recommends you adjust your withholding now, since your tax rate likely changed this year.