Money Talks News - The new year always brings new things with it. Well for 2018, it brought in a totally new tax law. Will that change how you file your 2017 taxes?
That's one of the most common tax questions being searched these days. But the truth is, the new tax law doesn't affect your 2017 taxes. For the tax return, it's business as usual.
Another commonly searched question asked is about "who can you claim as a dependent?" The answer to that is pretty much anyone you support who makes little themselves, including kids, parents, relatives or others. Each one is approximately a $4,000 deduction.
So when you can you begin to file your taxes? The IRS said they will begin accepting tax returns on January 29. The deadline for 2018 will be April 17.
Do you have to file your taxes? Well if you didn't make a lot of money, you may not have to file.Round numbers for those under 65 are under 10 grand single, 20 joint. You can make a little more and not file if you're over 65.
However, even if you don't have to file, you probably should. You might be able to get money back even if you didn't put any money in.
For more information or answers to other common tax questions, head over to the Money Talks News website and do a search for "Tax Hacks 2018."