Today on Talking Texoma, host Dee King sits down with John Howell an enrolled agent of Howell Financial and Tax Services about some of the standard deductions you would have to look for this tax season.
John starts off by letting us know an enrolled agent is considered America’s tax experts and are the only federally licensed tax professionals in the country.
He continues to tell us the standard deductions for single and married has increased to $12,000 and $24,000 respectively. Also head of household has gone up to $18,000 and married separately to $12,000. John says exemptions has completely gone away, but the child tax credit has increased to $2,000 for people with children under the age of 17.
John explains, “the biggest change to the itemized deduction was the $10,000 cap on the tax portion of it. Miscellaneous deductions are gone away and a few other major changes”. He says,” the best is the qualified business income deduction. That if you qualify for it, it’s a great deduction, you just need to check to make sure you qualified”.
If you are looking to get your taxes filed call or stop by Howell Financial and Tax Services, John will be happy to help you with getting them done right.
Howell Financial and Tax Services
4708 K Mart Dr Ste B
Wichita Falls, TX 76308