Tax day is here.
This year, the IRS is expecting to receive roughly 153 million individual tax returns and as of Friday the 12th, the IRS said there were 50 million taxpayers who have yet to file their tax returns. Individuals have until midnight Monday to file.
This is the first-ever tax season under the Tax Cuts and Jobs Act, which raised the standard deduction to $12,000 for singles and $24,000 for married-filing-jointly, among other changes.
We discuss how tax returns impacted California residents this year. Questions or comments? Weigh in and call us at 866-893-5722.
Jason Oh, professor of law at UCLA where he focuses on tax policy; he also serves as a faculty coordinator of the UCLA Colloquium on Tax Policy & Public Finance