HOUSTON — The tax law changes Congress passed last year are part of the biggest reform in over 30 years. They were created to help spur the economy by helping small businesses thrive through bigger tax breaks, hoping they would then hire more employees and reduce unemployment. So far the results have been positive and encouraging!
New tax law changes include larger standard deductions for singles and married couples, larger child tax credits (but no personal exemptions) and limits on mortgage interest and property tax deductions.
IRS red flags that could result in an audit include matching issues, large new deductions, big swings in income or loss and large cash deposits.