Jackson Hewitt Tax Services Golden Gate Pkwy Naples

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New Tax Law Tip #2:
Have you heard the term SALT? And what does that mean? And how does it effect my taxes?
SALT is an acronym for State and Local Taxes.

Under our old tax law that is effective this tax season if you itemized your deductions you could deduct ALL the property taxes you paid in plus and state or local income taxes you paid in either through a W-2, estimates, IRA Withholding, Sales Tax Paid and others. There was no imit as long as you did not fall into high income earnings.

Under the new tax law that is now capped at $10,000.

What does that mean for you? For many this is not a problem unless you have high property taxes and pay in a lot of state income taxes.

Does it hurt or help? It really depends. The new tax law is in essence doubling the Standard Deduction for people. So it may eliminate the need for many to itemize anyways and thus neglifying the effect of it.

Below are the new standard deductions:
Single Now $6,500 going to $12,000
Married Now $13,000 going to $24,000
Head of Household Now $9550 going to $18000
Plus if you are over 65 you can tack on an additional $1300.
Any questions post in the comments and I will answer.

Should you itemize? Let our Tax Pros help you. Open daily, late and weekends too!!! Avoid the rush-get your taxes done this week!

New Tax Law Tip #2:
You all have heard the term SALT. And what does that mean? And how does it effect my taxes?
SALT is an acronym for State and Local Taxes.

Under our old tax law that is effective this tax season if you itemized your deductions you could deduct ALL the property taxes you paid in plus and state or local income taxes you paid in either through a W-2, estimates, IRA Withholding, Sales Tax Paid and others. There was no imit as long as you did not fall into high income earnings.

Under the new tax law that is now capped at $10,000.

What does that mean for you? For many this is not a problem unless you have high property taxes and pay in a lot of state income taxes.

Does it hurt or help? It really depends. The new tax law is in essence doubling the Standard Deduction for people. So it may eliminate the need for many to itemize anyways and thus neglifying the effect of it.

Below are the new standard deductions:
Single Now $6,500 going to $12,000
Married Now $13,000 going to $24,000
Head of Household Now $9550 going to $18000
Plus if you are over 65 you can tack on an additional $1300.
Any questions post in the comments and I will answer.

Stop in or Call !