Under the new tax law, the standard deduction nearly doubled for 2018, to $12,000 for singer filers (up from $6,350) and to $24,000 for married couples filing jointly (up from $12,700).Īs a result of that and other major changes, an estimated 29 million people who itemized in the past will find they'll get a bigger refund or owe less to the IRS by using the standard deduction for 2018, says the Tax Foundation, an independent tax policy research organization based in Washington, D.C. But if you have itemized in the past, it may now be advantageous to switch.
If you've always used the standard deduction, that's unlikely to change on your 2018 return. The new tax software will help you determine whether to itemize your deductions or file using the standard deduction given the many changes of the 2017 Tax Cuts and Jobs Act. (With downloads and desktop versions, you'll need to connect online periodically so the updates can be uploaded.) So there's little risk to getting started early, and a number of benefits. Regardless of when you first start using your DIY tax software, you'll get free updates until you file. (In January, the IRS's FreeFile, which offers free, online DIY tax prep for households with estimated 2018 AGI's below $66,000-about 70 percent of the U.S.-will be available.) The IRS has a page dedicated to getting ready for tax season 2019, including information on finding your 2017 adjusted gross income, which you'll need to complete any DIY tax product.The company says it will extend those hours once tax season begins. (TaxSlayer doesn't offer downloads or CD-ROM versions.) TaxSlayer's Ask a Tax Pro service for live tax advice from an expert is now available for paying customers between 8 a.m. The mobile version is expected in early January. TaxSlayer's online product is currently available.For the first time, TurboTax Premier, for investors and folks owning rental property, has a feature to account for gains and losses from cryptocurrency transactions. TurboTax's online and downloadable products are now available, as is TurboTaxLive, which provides real-time advice from CPAs and enrolled agents.The company will publish updates throughout the month the official "launch" of TaxAct will be in early January. The TaxAct mobile app will be available at the same time, a spokesperson told us. TaxAct’s downloadable product is slated to roll out this first week of December.
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