|The countdown begins. Once the clock rolls us into 2019, tax season gets underway. The old calendar year, 2018, will have been put officially to rest.
Deductions from your paychecks and other income sources will begin counting for the New Year.
Once it’s 2019, we can celebrate, and look to even better days ahead. But we dare not neglect our fiduciary obligations to the old year.
On January 1, it’ll be 104 days to April 15, 2019. That’s the deadline the IRS sets for tax returns. If you miss that deadline, you may face consequences.
HOW TO PREPARE FOR THE 2019 TAX SEASON
While April 15, 2019 looks pretty much the same as any other day on the calendar, it marks the official end of 2018 for the American taxpayer (for the most part).
In retrospect, 2018 has rolled across a very different fiscal landscape. Previous years bare only slight resemblance to 2018 on a number of fronts.
At the forefront, 2018 showcased President Trump’s Tax Cuts and Jobs Act, which became law on December 22, 2017. 1
The act significantly altered the U.S. tax code: Deductions changed, tax brackets shifted, and exemptions were revamped.
While in the early months of 2018 supporters celebrated the act’s passage and touted its benefits
WHAT DOES IT LOOK LIKE? Click here to learn about The Tax Cuts and Jobs Act.
This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters.