Tax Changes Coming January 1st - Spokane, North Idaho News & Weather KHQ.com

Tax Changes Coming January 1st

KHQ.COM - Come January 1, at the start of the new year, we can expect changes to our taxes.

While we have come to expect these changes every year, this year, a lot of the changes are associated with the Affordable Care Act.

Ryan Flint, a senior accountant at CliftonLarsonAllen, explained that people with higher incomes, in the range of $200,000-$300,000 per year, can expect reduced itemized deductions.

"Average tax payers aren't going to notice a lot of tax changes," explained Flint. "The only difference is going to be healthcare. If you don't have health insurance it's going to be an additional tax on your 1040 that wasn't on there last year."

Flint stressed that even if your taxes aren't changing dramatically, there is no better time than right now - at the start of the new year - to take a good look at your finances.

"It's always good to step back and reflect," said Flint. "Look back at what you can do to change, and help yourself going forward."
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