What you Think you Know about the New Tax Law

Nothing Congress does is ever simple. (Insert Eye Roll here). The new tax law does include provisions for deducting certain tips and overtime. If you received tips or overtime, be sure to provide your tax preparer with your last pay stub as well as your W2. Next year, the W2s will be required to include the details we need, but not this year. The Social Security thing turned out to be a No-Go due to the way Social Security laws are written, so they gave seniors an extra $6000 deduction that should cover a lot of it. See below for more details.