Free tax clinics help mid-Missourians navigate changes

5 months 2 weeks 6 days ago Wednesday, January 24 2018 Jan 24, 2018 Wednesday, January 24, 2018 11:17:00 AM CST January 24, 2018 in News
By: Nora Faris, KOMU 8 Reporter
loading

COLUMBIA - The old saying goes, "Nothing is certain but death and taxes." And after Congress passed a massive overhaul of the U.S. tax code last month, even taxes may be a bit uncertain. For those seeking answers to questions about their 2017 returns, several Columbia resources are available to help.

VITA Tax Preparation Clinics:
Starting this week and running through this year's tax deadline of April 17, MU Extension will be offering a free tax preparation clinic to mid-Missourians. The IRS-sponsored Volunteer Income Tax Assistance (VITA) program, administered by MU students and faculty, provides tax prep help to low- and middle-income individuals.

MU tax preparers are available to help answer taxpayers' questions about the new plan, said Bryce Marsherall, a VITA volunteer. 

"We take the stress off of taxpayers if they don't have the time or if they just don't know how to prepare their taxes," Marsherall said.

The following sites will offer walk-in tax preparation services from January 24 to April 17:

  • Room 162, Stanley Hall, MU Campus, Columbia
    • 3:30 p.m. - 7:00 p.m. | Tuesday, Wednesday & Thursday
    • 9:00 a.m. - 12:30 p.m. | Saturday
  • Room 005, Cornell Hall, MU Campus, Columbia
    • 4:15 p.m. - 7:45 p.m. | Monday
  • Family Impact Center, 105 E. Ash St., Columbia
    • 9:00 a.m. - 12:30 p.m. | Monday & Wednesday

The clinics' services are free, but patrons are expected to bring the following with them to their appointments:

  • Photo ID of individual and their spouse (if applicable)
  • Social Security cards for everyone listed on the return
  • W-2 forms for every job worked
  • 2016 tax return (optional, but helpful)

Find a full list of helpful forms to bring to an MU VITA tax prep appointment here. 

Changes for 2017 Tax Year:
The Tax Cuts and Jobs Act of 2017 passed in December, with a majority of its provisions going into effect this month. That means most of the tax code changes in the bill will affect taxpayers' returns filed in 2019 for the 2018 tax year. However, there are a few changes that will affect taxpayers' filings this year, including provisions related to medical expenses for individuals and equipment purchases for businesses. 

The new code expands the medical expense deduction for both the 2017 and 2018 tax years. Previously, the tax code allowed deductions for expenses that exceeded 10 percent of an individual's income. The new changes set that figure at 7.5 percent, meaning some new individuals will qualify for the deduction, while others will see an increase in their existing deduction.

Another key change applies to equipment purchases by businesses. For capital investment purchases occurring after Sept. 27, 2017, the law will allow for immediate expensing, rather than requiring gradual deductions over time. 

Andrew Zumwalt, assistant extension professor in MU's Department of Personal Financial Planning, said taxpayers without health insurance are still liable for the Affordable Care Act tax penalty this year.

"If you don't have health insurance, and you don't have an exemption, you're still going to pay a penalty for 2017 and 2018," Zumwalt said.  

Additional Free Resources for Taxpayers
If you don't live in Columbia, you can find a full list of VITA tax preparation clinics here.

Taxpayers can also file online for free at www.MyFreeTaxes.com.

More News

Grid
List
CALLAWAY COUNTY - Callaway County Sheriff's deputies will continue to patrol the Little Dixie Conservation Area Sunday night and into... More >>
8 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 9:10:00 PM CDT July 15, 2018 in News
COLUMBIA- Ragtag Cinema showed the World Cup Final against France and Croatia Sunday on its movie screens free of charge.... More >>
10 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 7:53:00 PM CDT July 15, 2018 in Continuous News
BOONE COUNTY - Two cities in Boone County have higher numbers of traffic stops involving minorities, according to an annual... More >>
10 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 6:56:00 PM CDT July 15, 2018 in News
(CNN Money) -- Amazon has successfully invented a new shopping holiday, and it's set to capitalize on the rewards. ... More >>
12 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 5:19:00 PM CDT July 15, 2018 in News
KANSAS CITY (AP) — Authorities shot and killed a man suspected of shooting three Kansas City police officers, a newspaper... More >>
16 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 1:34:00 PM CDT July 15, 2018 in News
CHICAGO (AP) — Footage from body cameras and surveillance cameras shows that a man who was shot and killed by... More >>
18 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 11:07:56 AM CDT July 15, 2018 in News
JEFFERSON CITY (AP) — A proposed ballot initiative aims to replace Missouri's system for drawing state legislative districts with a... More >>
19 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 10:46:43 AM CDT July 15, 2018 in News
OMAHA, Neb. (AP) — The amount of water being released into the lower Missouri River will likely remain above normal... More >>
19 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 10:27:00 AM CDT July 15, 2018 in News
MORGAN COUNTY - 37-year-old Brett Davidson of Clarksville, Tennessee was pronounced dead after drowning in the Lake of the Ozarks,... More >>
20 hours ago Sunday, July 15 2018 Jul 15, 2018 Sunday, July 15, 2018 9:53:00 AM CDT July 15, 2018 in News
COLUMBIA- Senator Claire McCaskill and Attorney General Josh Hawley both met with supporters and volunteers Saturday at each of their... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 10:43:00 PM CDT July 14, 2018 in Continuous News
JEFFERSON CITY - A 17-year-old from Jefferson City will be competing at the CrossFit Games in Madison, Wisconsin, in August.... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 6:50:00 PM CDT July 14, 2018 in Sports
COLUMBIA - House hunters are looking beyond Columbia due to a lack of middle-income housing in the city. Realtor... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 5:00:00 PM CDT July 14, 2018 in News
(CNN Money) -- Microsoft has helped innovate facial recognition software. Now it's urging the US government to enact regulation to... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 3:22:00 PM CDT July 14, 2018 in News
COLUMBIA — Seven cases of cyclosporiasis in Missouri may be linked to eating McDonald's salads, the Missouri Department of Health... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 2:33:00 PM CDT July 14, 2018 in News
PHILADELPHIA (AP) — The U.S. homeland security secretary said on Saturday there are no signs that Russia is targeting this... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 2:20:00 PM CDT July 14, 2018 in News
(CNN) -- A paragliding protester hovered within surprising proximity of President Donald Trump on Friday night as the president admired... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 1:38:05 PM CDT July 14, 2018 in News
ST. LOUIS (AP) — Some Missouri nurses will soon be able to take advantage of a pilot program that allows... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 11:00:00 AM CDT July 14, 2018 in News
(CNN) -- If movie-streaming seems like Goliath, Blockbuster video store owners are an industry's Davids still fighting to keep the... More >>
1 day ago Saturday, July 14 2018 Jul 14, 2018 Saturday, July 14, 2018 8:29:00 AM CDT July 14, 2018 in News
Columbia, MO
Broken Clouds 73°
6am 73°
7am 74°
8am 78°
9am 82°