CHICOPEE, Mass. (WWLP) – You may be filing your 2018 taxes differently than you will for your 2017 returns.
One of President Trump’s promises when it came to tax reform… simplifying the process.
However, in both the House and Senate bills passed, simple isn’t the first word that would come to tax lawyer Paul Mancinone’s mind.
450 pages of a law could turn into thousands of pages of new government regulations.
Both the House and Senate plans passed cut income tax rates, doubled the standard deductions and eliminated personal exemptions.
“That seems like an expensive takeaway for our citizens because losing that deduction is going to prevent a lot of people from itemizing their deductions,” said Paul Mancinone, CPA and tax lawyer.
Your tax returns in 2018 and 2019 could change. The House and Senate are holding committee hearings starting Wednesday to hopefully put a bill on President Trump’s desk by December 15th.