ROANOKE, Va. - If you're one of the millions getting ready for tax season, there's good news on the horizon.
Owner David Kembel, of Kembel Tax Service, said the new tax law will likely result in lower taxes for most people as well as small businesses, thanks to the new tax bill that was passed last year.
“Every single bracket came down a little bit. So, we're all going to pay a little less in taxes. He doubled the standard deduction. So, that's good,” Kembel said.
That means fewer people will have to itemize.
“Fewer people will need to write off mortgage interest, charitable contributions, taxes and medical expenses,” Kembel said.
The new tax law also doubles the child tax credit.
“For kids between zero and 16 years old was $1,000. Now it’s $2,000. So that's a positive."
There are some downsides.
“Employee business expenses is gone. So, any salesman that puts miles on their car or just has any expenses at work that the employer does not reimburse for can no longer write that off,” Kembel said.
Taxpayers can no longer write off paying to have taxes done.
Whatever tax situation you're up against, Kembel recommends everyone keep up with all the deductions that you're used to, even if it's not needed.
“They still haven't passed a final bill this current year. I really wonder if they will bring some of those back,” Kembel said.
As taxpayers begin preparing for their tax returns to meet the deadline on April 15, Kembel said to keep in mind that anything can change.
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