Several changes in the tax code may impact taxpayers this year.
Automatic extension: Previously, individuals were allowed an automatic extension of four months, and they could file for another two-month extension later. Now, the automatic extension is valid for six months, which will create less administrative work for both taxpayers and accountants.
IRA deductions: The IRA deduction limit was increased to $4,000 per individual under the age of 50, and $4,500 to those age 50 and older. read more »