This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.

Matadors Community Credit Union may collect the following information from users of our website. To see how this information is used, click here to go to our privacy page. Information we may collect: IP address, browsing history, search history, products and services considered, geolocation data, and information about your interaction with our website, application or advertisement. If you complete an online form, we may also collect your name, e-mail address, physical address or phone number that you provide to us.

 Matadors Community CU Go to main content


Tax Reform 101: 5 Reasons You Should Start Planning
Tax Reform 101: 5 Reasons You Should Start Planning12/11/2018

intuit turbotax logoWith so many changes under the new tax reform law, it’s more important than ever to plan for next tax season now. Matadors Community Credit Union breaks down the five reasons to start planning and the moves you can make now to help you save money on your taxes when you file next year.

Don’t worry, TurboTax Has You Covered

TurboTax is always up to date with the latest forms and 100% accurate calculations. With TurboTax, you can file your taxes with complete confidence – and get your biggest possible refund, guaranteed. AND, as a credit union member you can save up to $15 on TurboTax federal products. Click here to access TurboTax and your savings!

Five Reasons to Start Planning

Lower tax rates, more money. One of the biggest changes is the reduced tax rates, about 1 – 3% for the majority of taxpayers so you may be seeing more money in your paycheck.

Elimination of personal and dependent exemptions. Personal and dependent exemptions of $4,050 were eliminated. This can mean a big reduction in the number of write-offs you once had.

Increase in the Child Tax Credit. The new tax reform law increased the Child Tax Credit from $1,000 to $2,000 per child and it raises the income threshold, which means more people could be eligible for the credit.

Changes if you’re a homeowner. The new law limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.

Elimination of tax deductions. The new tax reform law eliminated several popular tax breaks starting in tax year 2018 (the one you file in 2019) like miscellaneous itemized deductions.

What You Can Do to Start Planning Now?

Adjust your withholding allowances. Do a paycheck checkup and adjust your withholding allowance.

Reduce your taxable income. You can decrease your taxable income by making smart money moves throughout the year like investing in your 401K or IRA.

Don’t worry about knowing the new tax laws. TurboTax has you covered and will be up to date with the latest forms and 100% accurate calculations. When you are ready to file, click here to access TurboTax and your savings!

« Return to "Matadors Money Matters Blog"
Share: Share on Facebook: Tax Reform 101: 5 Reasons You Should Start Planning Share on Twitter: Tax Reform 101: 5 Reasons You Should Start Planning
No comments have been posted yet.
Post Comment

(Only last initial will display on comment)

(Not displayed on Comment)

Security Code:
What's this?
Go to main navigation