Winning the 2020 Tax Season
CPA walks you
tips that'll save
money, and grief,
come April 15.
Tax deadline is fast approaching, one of only two certainties
we face in life — and only slightly the least dreadful of the
pair, some would argue. Time to drag out expense records
and pay stubs, W-2s and 1099s, and hunker down with a
calculator to find out how much we're getting back, with luck,
or the amount we owe to the IRS.
Regardless, it can be a stressful chore, but doing your homework
beforehand can help save money and prevent costly
pitfalls. And with the tax code recently being overhauled, it
can be especially confusing, said Ryan Bourque, accounting
instructor for the Division of Continuing Education and
principal at Bourque & Associates, CPAs and Business
Advisors, headquartered in Irvine.
2020 Tax Season
“The most important thing is to be aware of the changes
brought on by the Tax Cuts and Jobs Act (TCJA) that was
passed in 2017,” he said. “Not only did it shift tax brackets
and withholding rates, it also made big changes to some
previous deductions and credits. Everyone who files taxes
needs to be aware of the new rules. It can be confusing, but
if you're prepared and know what you're doing, you can avoid
mistakes, reduce your tax liability or maximize your refund.”
With that in mind, Bourque offers several valuable tips that
can make life much easier as April 15 approaches.