Many new changes will be seen in the tax code for 2019. However, these changes are confusing to quite a few and they find they need to seek outside help to ensure they pay the required amount or get the maximum refund. Turning to a company offering income tax services in Palm Bay FL is wise in this situation. Following are two changes to tax law that every person who files taxes should be aware of.
Tax Brackets
In 2019, individuals filing separately and couples filing a joint return will need to determine which tax bracket they now fall into. In 2018, for example, individuals who made $9,325 only paid 10 percent of their income, but this has been increased to individuals who make up to $9,525. Couples filing a joint return will find that they will pay a lower tax rate if they make less than $600,000 a year. Last year, anyone making $500,000 or more paid the highest tax rate, but not anymore. These are only two of the many changes people need to be aware of for the coming year.
Child Tax Credit
In the past, a couple filing a joint return could receive a child tax credit for each child under the age of 17 if they made less than $110,000 a year together. A single parent making less than $75,000 a year could also receive this credit. Now, parents receive $2,000 per child and couples making up to $400,000 a year may receive this credit. In addition, any person who would not be required to pay taxes as a result of this credit may find they are eligible for a refund under this new law.
If you are in need of Income Tax Services in Palm Bay FL as you don’t want to miss any tax deductions. G.I.Tax Services can be of help. They will walk you through filling out your tax returns so you pay the least amount or get the maximum return possible. If you wish to know more about G.I. Tax Services, visit the website today. Here you will find information about this firm and the services they offer. Don’t try to tackle this alone, as you worked hard for your money. You should get to keep as much as possible.
