{"id":96737,"date":"2020-03-23T14:00:42","date_gmt":"2020-03-23T19:00:42","guid":{"rendered":"http:\/\/news.olemiss.edu\/?p=96737"},"modified":"2020-03-23T14:24:14","modified_gmt":"2020-03-23T19:24:14","slug":"news-can-use-tax-expert-offers-tips-filing-forms","status":"publish","type":"post","link":"https:\/\/web20.olemiss.edu\/news\/wordpress\/news-can-use-tax-expert-offers-tips-filing-forms\/","title":{"rendered":"News You Can Use: Tax Expert Offers Tips for Filing Forms"},"content":{"rendered":"
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Cheryl Metrejean<\/p><\/div>\n

OXFORD, Miss. \u2013 Correctly filing state and federal income tax forms can be a daunting challenge, particularly if one is unaware or unfamiliar with changes in tax laws made since last year. For this reason, a University of Mississippi<\/a> expert is offering some timely tips for do-it-yourself taxpayers.<\/p>\n

Many tax laws have changed since 2019, said Cheryl Metrejean, clinical associate professor in the UM Patterson School of Accountancy<\/a>. One major change that will affect individuals is inflation adjustments.<\/p>\n

“Each year, the IRS adjusts the tax rate schedule and other amounts like the standard deduction, limits for contributions to retirement plans and so forth,” she said. “For example, the standard deduction for 2020 is increasing to $12,400 for single (up from $12,200 in 2019) and $24,800 for married filing jointly (up from $24,400 last year).”<\/p>\n

Also, the ongoing coronavirus outbreak has led the IRS to offer a 90-day delay for individuals and businesses to file and pay their taxes, to July 15. This comes with a $1 million dollar limit for individuals and $10 million limit for corporations.<\/p>\n

Taxpayers should note that the number of allowances has been deleted from the newest form.<\/p>\n

“In the past, employees filled out a W-4 to tell their employer how much to withhold from their paychecks,” she said. “The new form drops the allowance measure and instead asks for information on income from outside of this particular job to more closely estimate what the tax liability will be.<\/p>\n

“This new system is likely to increase the take-home pay during the year and significantly reduce the size of any refund. It’s also possible that some taxpayers who have always gotten large refunds will now owe. Taxpayers need to be prepared for this change and plan accordingly.”<\/p>\n

Other recommendations from Metrejean include:<\/p>\n