Tax season: Changes you should expect
Holiday season is followed by tax season, and this is the first year under new tax reform.
“The child tax credit, it used to be if you had one child you got $1000 for that one child, so they increased so you get $2000 per child,” says tax preparer Deborah Grodecki.
As well as an increased child tax credit, the new reform took out personal exemptions, and increased the standard deduction.
"Last year if a single person came in and took a standard deduction, the deduction was $6,350; this year the standard deduction is $12,000 for a single person," says Grodecki.
Deborah Grodecki from H&R Block says tax brackets also have been lowered by at least 3%.
You have until April 15th to file your taxes. If you are looking to file online,
are some of the options available.
Refunds should be processed within 21 days.