Tax Preparation - WSIL-TV 3 Southern Illinois

Tax Preparation

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What's considered the largest tax reform since President Ronald Reagan was in office has raised a lot of questions. 

SIU's college of business fraternity is partnering with the IRS to help those without extensive deductions file this year's taxes. Accounting students Anna Li and Jared Nicholas co-chair the invite, organizing volunteers and the

"We have a lot of volunteers. Last Saturday we had about 46," Li said. 

Those volunteers are certified tax preparers who can assist those with an income less than 54 thousand dollars...

A lot of them have social security and that's their only income or some kind of pension and that's low enough for them to be in this program. >

But for those with higher income, should consider seeking the help of a certified public accountant.

Terri Page of H&R block wants taxpayers to be informed about the potential overlooked deductions they could miss this year. 
"A lot of people think they can take their mileage, tools and stuff.  but other things too like union dues, meals if they're gone overnight, their hotels." Page says. 
  
Page says many overlooked deductions typically belong to those who travel for work. The Illinois CPA society says work expenses, charitable donations, and job search deductions are ones that many people miss. 

But with the passing of a tax reform bill by Congress before the new year, many of those itemized deductions could disappear. 

"Without those employee business expenses its going to be.. we're not going to see nearly as many itemizers." Page says. 

The standard deduction will nearly double under the new tax code, but takes away personal exemptions.
Do you think more people will take that standard deduction than itemize?
They'll have to.

Page says that will be the only way for many to get the most out of their refunds next year. 

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