PITTSBURGH (Newsradio 1020 KDKA) - Kevin McQuillan, CPA and Principal of the McQuillan Group, joined KDKA Radio on Tuesday to explain what these new laws mean.
Here are some of the questions that he was asked:
What were the 2018 tax changes?
"One, Significant limitations in itemized deductions; two, the withholding tables that we get our weekly paychecks from, were modified mid-year to give people more in each pay check," McQuillan said.
How are these new tax laws affecting individuals?
"So many people are owing that would not traditionally owe that they've lowered the threshold for being subject to penalties. That still requires you to file by April 15 or at least calculate what you owe," McQuillan explains.
"The IRS and Federal Government are aware that people are being impacted by this."
What happens when you file for an extension?
"The extension extends your time for filing, not for paying. The underpayment is contingent on paying by April 15," McQuillan added.
"If you go past April 15th and haven't paid your taxes due when you ultimately file, the IRS is going to significantly penalize you because they don't want to be a bank."
The whole conversation can be heard if you scroll down and press play.
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