New Tax Laws - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

New Tax Laws

New Tax Laws

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Every year new tax laws are implemented and this year is no exception.
"First and probably the biggest one is that the IRS now allows same sex couple to file a joint return that was never allowed before," said Gene Nadeau, manager of Liberty Tax Service.  "The only requirement is they have to be married in a state that allows same sex marriage," he said.
People who work from home will also see a big change.
"Before you had to have a record of all the expenses associated with a home and prorate the portion that is associated with your home business office," said Nadeau.  "Now you have to know the square footage and you get a certain dollar amount per square foot," he said.
The only restriction is that space has to be exclusively used for business. 
"A preparer is required to sign a tax return before the individual client is.  The client is still responsible for knowing everything that is on the tax return to make sure it is accurate," said Nadeau.
If you owe money to the IRS on a money return. The interest and penalties are going to accumulate.
"The IRS can easily audit up to three years and with tax fraud there is no limit they can go back and claim back taxes," said Nadeau.
James Parish, Newschannel 6