This is what families need to know about the tax law this filing season. - NBCNewsBETTER
by Haven Life said that they had no clue how the Tax Cuts and Jobs Act — the tax overhaul that took effect last year — would affect their 2018 taxes."There are a lot of moving pieces," said Cathy Derus, a CPA at Brightwater Accounting, of the new laws.
Under the Tax Cuts and Jobs Act, families can now tap their 529 plans to cover private elementary and secondary school tuition and do so free of taxes.will permit families to do this — and some will claw back state-level tax benefits if savers tap their plans for K-12 costs.Six out of 10 respondents indicated that they would use their tax refund money to pay down their debts, according to Haven Life's study.
About a third of participants said they would save their money in a basic savings account, while nearly 3 out of 10 said they would spend it on something fun."Pay down some debt, and save some money for the future," she said."But also if you get this money spend some of it for fun."If you wind up owing the IRS this tax season, consider double-checking your tax withholding at work, said Derus. This way you can avoid owing next year.
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