CPA on If Taxes Can Be Done on A Postcard: ‘Only If the Postcard Is About 3 Feet by 5 Feet’

RUSH EXCERPT:

SCOTT: "There’s been a rush of people trying to prepay their taxes, so if you pay taxes, local taxes for 2018 know, do you get the deduction?"
HEGT: "Unfortunately the answer is depends on where you lives and with the mensa polity has done to be able to deduct a real estate tax, the tax needs to be assessed before December December 31st. Take New York state for example. There are hundreds and hundreds of municipalities, each one assisting some doing it, some not doing it. The bigger question is, people are worried about, will I get audited if I claim a tax deduction that’s bigger than the year before? My answer to anybody that’s asking that, if you have a legitimate tax deduction, don’t shy away from taking it."
SCOTT: "Go ahead and battle the IRS if they don’t like the looks of it. So a lot of people are asking, will my tax rate go up or down? The Republicans have been promising that for most people, it’s going to go down."
HEGT: "What I’m finding for most people, it’s going to go down. Withholding rates are going to be changed as of February 1st because it’s just too massive a job to do quicker than that. For example, if you make $50,000 a year, you’ll probably see about a $1,000 tax decrease. If you make $100,000 a year, it’s probably about $4,000 a year. That will be reflected in your weekly or biweekly paycheck."
SCOTT: "It’s not going to come in January?"
HEGT: "Not in January. Too much to do too quickly."
SCOTT: "Will there really be a postcard for my taxes?"
HEGT: "Only if the postcard is about 3 feet by 5 feet. Not really. Simplification went out the window to get this done."