The IRS has begun accepting returns for the 2018 Tax Year today Monday 1/28/19. Forms such as W-2’s and 1099’s are due to be sent to employees and contractors by January 31st. Brokerage 1099 Statements are due to account owners by Mid-February and K-1 Forms in Mid-March.
The new tax law effective in 2018 brought about sweeping changes. Some tax payers may benefit from the higher standard deduction enacted ($12k single/$18k head of household/$24k married). The Child Tax credit has been increased to $2k per child, there are no longer exemptions. The tax brackets have been expanded and rates are lower which should benefit many. For those living in the tri-state are, the biggest negative change is the $10k cap on State, Local, & Property tax deductions (the SALT deduction), this will lower Itemized Deductions for many. I will work with you all to best navigate these changes.
As in the past I will strive to process returns as quickly as possible, and generally no longer than 1 week if I have all relevant documents.