H R Block Tax Changes To Affect Millions This Year

H R Block Tax Changes To Affect Millions This Year



H&R Block: Tax Changes to​ Affect Millions This Year
Major tax law changes and missed credits will affect millions of​ taxpayers this year .​
There are new guidelines for claiming child-related benefits and new tax breaks for hurricane victims and charitable donors .​
The alternative minimum tax (AMT) is​ on​ track to​ snare almost 4 million taxpayers this year,​ and millions more will fail to​ claim credits for their higher education expenses.
Miss out on​ these changes,​ and you​ could be joining the​ millions of​ Americans overpaying their taxes by $1 billion each year by missing credits and deductions.
To help taxpayers understand these issues,​ H&R Block is​ kicking off the​ tax season by mobilizing its network of​ more than 70,​000 tax professionals .​
H&R Block tax professionals will be hitting the​ streets across America,​ delivering free advice on​ tax topics with the​ most widespread impact.
Our tax experts have identified five major tax areas that deserve special attention by taxpayers this year,​ said Tim Gokey,​ president of​ the​ U.S .​
Tax Division of​ H&R Block.
Here are the​ top five things you​ need to​ know about taxes this year:
1 .​
Claiming child-related benefits: a​ new uniform definition of​ a​ child changes how taxpayers can claim child dependents .​
Anyone with a​ child may gain or​ lose important tax benefits due to​ the​ changes.
2 .​
Hurricane relief and charitable giving: New tax breaks benefit those impacted by hurricanes along the​ Gulf Coast and individuals who contributed to​ the​ relief efforts.
3 .​
Alternative minimum tax: the​ number of​ taxpayers paying the​ AMT will soar from nearly 4 million in​ 2018 to​ almost 20 million in​ 2018 if​ the​ law remains unchanged.
4 .​
Earned income tax credit: It makes the​ list every year,​ but 25 percent of​ eligible families fail to​ claim this credit,​ which is​ worth an​ average of​ $1,​760 .​
5 .​
Education-related benefits: Nearly 27 percent of​ eligible taxpayers fail to​ claim education tax benefits .​
Evaluating which education tax break provides the​ greatest savings - the​ Lifetime Learning Credit,​ the​ Hope Credit and Tuition and Fees Deduction - can be difficult because of​ odd phaseouts and varying eligibility guidelines.




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