LAS VEGAS (KTNV) — 2019 is the first year you will be submitting your returns under the Tax Cuts and Jobs Act, which went into effect last year and there are some changes you will notice.
This year, there are no more personal exemptions, but the standard deduction nearly doubles. It is now $12,000 for individuals, $18,000 for the head of households, and $24,000 for married couples.
This change was designed to make filing easier, with less of a need to itemize deductions. That's also why the 1040 form is smaller this year.
The child tax credit gets a boost this year from $1,000 to $2,000, but the child must be 16 or younger at the end of the year to claim the credit.
This year, if you have college-age kids, there is also a new $500 tax credit - they have to be between 17 and 23 years old, and you have to provide more than half of their support.
With all these changes, about 30 million people, are expected to owe money to the IRS this year, according to the Government Accountability Office.
Even if you don't owe money, you could be seeing a smaller refund. As seven out of 10 Americans will see their taxes decline, according to the Tax Policy Center.