Time to check new tax changes - WALB.com, South Georgia News, Weather, Sports

Time to check new tax changes

By Jim Wallace - bio | email

ALBANY, GA (WALB) –As we approach the end of the year, the I.R.S. is reminding everyone to take care of those last minute tax tasks.

Accountants say there are lots of new tax breaks available, and it pays to check them out.

If you buy a new car after February 16th until the end of the year, and you make less than $125,000, you can deduct the state and local sales tax.

The deduction is limited on new cars, trucks, motor homes, or motorcycles up to $49,500.

Draffin and Tucker CPA Jeremy Wilson said "A lot of incentives that have placed on there for people to essentially go out and spend money and get a tax benefit in the process. So there are a lot of new things. A lot of things there hasn't been a precedent for."

The IRS recommends you review recent tax changes and expanded tax credits, especially if you have lost your job. Accountants say it may be worth the money to get help from a tax pro.

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