Tax refunds should not be impacted by government shutdown

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TWIN FALLS, Idaho (KMVT/KSVT) - Despite the government shutdown, the Internal Revenue Service said they plan to start accepting tax returns on Jan. 28.

“It sometimes fall between 21 and the 28. One of those two weeks. It seems reasonable," said Jeremy Gooding, the CEO and president of Stevens Pierce and Associates.

However, Gooding said time will tell.

“Every year is different," he said. "I’ve been doing this for my 21st tax season. It’s never been the same every year."

There are quite a few different changes to filing taxes this year.

“There’s a couple things that they changed with the child tax credit," he said. "They increased that from $1,000 for a child under 17 to $2,000 and they’ve also added another dependent credit."
The 1040 forms have also changed.

Gooding showed KMVT the documents. In 2017, the 1040 Form only had two pages. In 2018, the IRS rearranged the form and then added six schedules, or additional related tax forms.

However, the biggest point Gooding wanted to make was to pay attention to withholdings.

"To make sure they aren’t negatively impacted with the tax law change. From my understanding, the state tax commission is expecting a lot of folks to owe this year, and they may have not owed in the past," he explained.

So he recommends taxpayers to look at their W-4s and possibly make an adjustment.

The Idaho State Tax Commission also has a form to help figure those numbers out.

Another big concern at tax time is identity theft.

"If their identity is compromised and they file a fraudulent tax return on their behalf. When they go to electronically file, they will not be able to," he said.

The deadline for most of the United States is April 15.



 
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