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Money Sense: New This Tax Season - KATC.com | Continuous News Coverage | Acadiana-Lafayette

Money Sense: New This Tax Season

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Lafayette, LA -

Taxpayers will want to keep an eye on the mail for the next few weeks as the IRS starts sending out information, and tax season gets underway.

And with nationwide tax reform taking effect this week, it's important to review some of the changes expected when filing.

Taxpayers may notice some new additions to the forms required every year, as well as some options that have been left out.

 "The personal exemptions are gone at least until 2025. Those have been I think what they're called is suspended," said Marcus Mire, CPA and partner at Prejean Romero McGee.

Mire also highlighted a new cap on state and local tax deductions.

"Previously state and local taxes were, I'm not going to say unlimited, because there were certain overall limitations, but for the most part you could deduct what you paid in property taxes and state income taxes. Under the new law, that's going to change to an aggregate of $10,000 total," said Mire.

There's a good chance most households can make up for those changes, especially those with children.

"That's going to be a big change for a lot of people, in a good way.Under the new law, that's going to be at $2,000 per child. And it phases out, or starts to be eliminated, at an income of $400,000 for a married couple. So, it really brings into play the child tax credit that weren't otherwise getting it," said Mire.

Every case is different, but Mire said with the new law many taxpayers could come out on top this year.

"They've got some things they're taking away, like the personal exemption. But they're also doubling the standard deduction, and they're giving you an enhanced child tax credit," said Mire.

The deadline to get federal taxes filed is April 15th, and state taxes are due a month later in May.

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