FLINT (WJRT) - (01/12/18) - Tax season is just about here, and with a historic tax overhaul just passed in Washington, many are left wondering how it will affect them this season.
A message from the state treasury Friday says to file your taxes this year as you normally would. Meanwhile, tax professionals say there are some other things you need to do now to get ready for tax season next year.
"The number 1 thing is: change your exemptions on your withholding," said tax advisor Marlena Curtis. "Your W4 forms with the federal and the state, you need to reduce those numbers. If you're claiming single and 3, you might want to go single and 1."
The Treasury Department said Thursday that about 90% of American workers would start seeing more money in their pockets. They also said they will be updating the withholding calculator by the end of February to help you adjust your withholding.
"The Treasury Department and IRS released new withholding guidance that will implement the tax cut and jobs act. This new guidance will mean that workers and their families will receive larger paychecks starting in February," said Treasury Secretary Steven Mnuchin.
Curtis owns Curtis Accounting & Tax Services in Flint and has had her share of questions about the $1.5 trillion overhaul passed by Congress in December.
"Some of my clients are concerned," she explained. "With the child tax credit, like, 'Is it true that will increase?' Yes, it increases, but not with the 2017 tax year, for the 2018 tax year," said Curtis.
It is a good idea to start talking to your tax expert about all of the coming changes when you file your taxes this year.