Government shutdown and your taxes

U.S. & World

With the possibility of another government shutdown starting late next week, tax experts say you might want to get your tax return filed by this week.

CNBC Personal Finance Writer Darla Mercado says, “The best suggestion right now is for people to gather their forms as soon as they can given that we have the potential risk of having a shutdown, a second shutdown if you will.”

Mercado has been writing about all the changes in the 2018 return because of the new tax law. She says there’s already enough confusion among tax filers even with the new 1040.

Mercado cautions, “It is now postcard size. But what you need to be aware of there are now six schedules that you need to complete and file that return.”

There are no more personal exemptions, but the standard deduction is much more generous, doubling for single and married taxpayers. That’s why she says it just might be the time to seek professional tax preparation help.

Says Mercado, “Now more than every it’s critical that you consult a CPA or tax preparer to guide you through your 2018 tax return.”

Or use an online or tax prep software. Through it all, the IRS expects 90% of all returns to be filed electronically this year, which naturally speeds up processing time provided another shutdown doesn’t cause another slowdown.
 

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