With each new year comes new tax laws and changes that can affect how much you pay when it comes time to file your income tax return. Navigating these tax changes can be overwhelming, especially if you are not well-versed in tax law. That is where income tax specialists can come in to help ensure that you are not missing out on any potential deductions and credits that could lower your tax liability.
One of the major tax changes for the current year that individuals should be aware of is the increase in the standard deduction. For the 2021 tax year, the standard deduction has been increased to $12,550 for single filers and $25,100 for married couples filing jointly. This means that more individuals may choose to take the standard deduction rather than itemizing their deductions, simplifying the tax filing process for many taxpayers.
Another important change to be aware of is the expansion of the Child Tax Credit. The Child Tax Credit has been increased to $3,000 per child for children between the ages of 6 and 17, and $3,600 per child for children under the age of 6. This can result in significant tax savings for families with children, but it is important to understand the eligibility requirements and how to claim the credit properly.
For individuals who are self-employed or have a side gig, there are also changes to be aware of when it comes to deducting business expenses. The Tax Cuts and Jobs Act of 2017 eliminated the ability to deduct unreimbursed business expenses for employees, but self-employed individuals can still deduct qualifying business expenses. It is important to carefully track and document these expenses throughout the year to ensure that you are maximizing your deductions.
Income tax specialists can help individuals navigate these and other tax changes to make sure that they are taking advantage of all available deductions and credits. They can also provide guidance on tax planning strategies to help minimize your tax liability and maximize your refund. Whether you are a W-2 employee, self-employed, or a small business owner, income tax specialists have the knowledge and expertise to help you navigate the complex tax laws and ensure that you are in compliance with all tax regulations.
In conclusion, staying informed about tax changes for the current year is essential to avoid any surprises when it comes time to file your income tax return. Working with income tax specialists can help ensure that you are taking advantage of all available tax breaks and minimizing your tax liability. By staying proactive and seeking professional guidance, you can navigate tax changes with confidence and ease.
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Aragon Tax Return Services
https://www.aragontaxreturnservices.com/
Denver, United States
Are you ready to breathe easy this tax season? Look no further than Aragon Tax Return Services. Our expert team is here to help you maximize your return and minimize your stress. Stay tuned for our easy-to-use tools and personalized guidance to help you take control of your finances. Get ready to file with confidence at Aragon Tax Return Services.
