EUGENE, Ore. – With another year coming to an end tax preparation is right around the corner. KEZI 9 News investigated to let you know what you need in order to be prepared.
Tom Ames owns three Liberty Tax franchises and he shared a couple of tips he believes are important for anyone in order to prepare for tax filing season.
He said if you will be itemizing deductions, make a charitable donation to the non-profit of your choice before December 31st.
Ames also said many people who have itemized this year and in the past, may not be able to itemize in the coming years due to the new tax plan, which is expected to increase the standard deduction.
He also said many filers tend to overlook tax credits and deductions such as post-secondary education student credits, military deductions, and pension deductions.
Ames recommends contacting an accountant or professional tax preparer to discuss your individual tax situation. He also said right now there is too much uncertainty to know exactly what changes will go into effect next year.