Taxpayers and consultants await tax bill changes

2 years 3 months 2 weeks ago December 11, 2014 Dec 11, 2014 Thursday, December 11 2014 Thursday, December 11, 2014 5:45:00 PM CST in News
By: Meredith Miller, KOMU 8 News
loading

JEFFERSON CITY - Taxpayers and consultants are still waiting to hear the changes to a tax bill that could affect them right before tax season.

People are starting to work on taxes as the season is right around the corner, but taxpayers can not get much done until Congress says if there will be a change or not. 

According to a mid-Missouri accountant Herald Krieger, these possible tax changes could have huge effects on taxpayer deductibles and consultants workloads. 

For individuals, a current $4000 tuition credit could be denied starting January 1, 2014, and a $500 house credit for energy-saving repairs could be denied as well. The tax bill changes would also take away a $250 teacher credit for expenses related to school. 

Farmers could be affected in the purchase of their equipment for work. Previously farmers were able to credit up to $500,000 for equipment, but if this bill passes, this would be reduced to $25,000. Farmers also may not be able buy new equipment to be deducted starting now since the bill requires all possessions to be serviced and on the farmers premises by December 31.

The possible bill would also impact tax consultants because they may need to do extra work this year. 

Consultants are waiting to see the changes before they can help their customers. Once changes are made the consultants will have to update their books and computer programs based on the bill. 

Krieger said these changes may require more hours for consultants, which in turn could drive up tax return rates. 

Along with changes to the systems, consultants would also have to help customers prove all business repair documentation over $200. This means business taxpayers would need their receipts to show whether the purchases were for restoration, repair or improvement. 

Consultants and taxpayers are waiting to see what Congress decides because as of right now, no change has been made. 

More News

Grid
List
COLUMBIA - The Family Access Center for Excellence, or FACE , is working to help more families in Boone County... More >>
2 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 9:55:00 PM CDT in News
COLUMBIA - The U.S. House voted to repeal a set of Obama-era consumer protection rules Tuesday. The move lets Internet... More >>
3 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 9:18:00 PM CDT in News
JEFFERSON CITY (AP) — Members of Missouri's House Budget Committee want to make records of elected officials' flights on the... More >>
3 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 8:52:00 PM CDT in News
JEFFERSON CITY - A bill looking to remove construction worker payment restrictions on contractors is moving along in the capitol... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
COLUMBIA - Crews responded to a vehicle fire on northbound Highway 63 in Columbia around 6:30 Tuesday evening, just south... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
KANSAS CITY (AP) — Federal prosecutors allege that two Kansas City men killed a man after kidnapping him and attempting... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri appeals court panel said utility regulators had no authority to grant conditional approval for... More >>
6 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:08:00 PM CDT in News
BUNCETON - A water leak that occurred around 5 p.m. on Tuesday forced the city to turn off the water... More >>
6 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 5:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri woman who used her neighbor's home to receive a fraudulent loan was convicted of... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:44:00 PM CDT in News
JEFFERSON CITY (AP) — The Missouri House gave initial approval to a bill that would overturn a St. Louis ordinance... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:33:00 PM CDT in News
JEFFERSON CITY – On April 4, Cole County voters will see two propositions on the ballot designed to improve Jefferson... More >>
9 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:28:00 PM CDT in News
COLUMBIA – The U.S. Fish and Wildlife Service placed native bumblebees on the endangered species list at the start of... More >>
9 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:06:00 PM CDT in News
ST. LOUIS (AP) — Police said an investigation found that a man apparently fatally shot the mother of his children... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 2:20:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens says people should have the option of getting IDs that allow them... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:49:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri's Republican-led House has endorsed a bill to repeal the state's "prevailing wage" requirements for public... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:45:00 PM CDT in Continuous News
JEFFERSON CITY (AP) — Gov. Eric Greitens said he's still against expanding eligibility for Medicaid in Missouri following failed efforts... More >>
11 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:17:00 PM CDT in News
JEFFERSON CITY (AP) — A new Missouri law will change the standard for vetting expert witnesses in jury trials. ... More >>
11 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:06:00 PM CDT in News
JEFFERSON CITY - As Missouri legislators debate the merits of a state prescription drug monitoring program, five of the nation's... More >>
11 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 12:53:00 PM CDT in News
Columbia, MO
Broken Clouds 53°
1am 53°
2am 53°
3am 53°
4am 52°

Select a station to view its upcoming schedule:

Coming Up Next

11:37p
Late Night with Seth Meyers
12:37a
Last Call with Carson Daly
1:07a
The Insider
12:00a
Raising Hope
12:30a
Cheaters
1:00a
Cheaters

Tonight's Schedule

7:00p
Blindspot
8:00p
Law & Order: Special Victims Unit
9:00p
Chicago P.D.
7:00p
Arrow
8:00p
The 100
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld