New tax laws: What you need to know when filling out your taxes

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WICHITA, Kan. (KSNW) – Tax filing season is underway, and many people are now working to fill out their returns. The deadline to file or request an extension is April 15 according to the IRS.

KSN News talked with the owner of Christensen Financial Services. The business is helping those who have not filled out or filed their taxes. The owner tells us that there are some new tax laws that come into play this year.

“This year, one of the changes that occurred is that if they were divorced prior to 2019, the spouse paying the alimony would be able to deduct it, and the spouse would be able to claim it as income, starting with divorces that started in 2019 and going forward it’s not deductible, it’s not claimable,” said Nolin Christensen.

“The other change that happened occurred late in December that came through and that is with retirement accounts and IRA accounts, they do not have to start doing the minimum distributions until they’re 72, instead of the 70 in a half so that got extended,” added Christensen.

KSN also asked what the most common mistake was when filling out taxes.

“The biggest thing that I am seeing is getting missed is people that have student loan interest, you know they are paying on their student loan, so don’t forget to deduct your interest because that is a deductible amount,” said Christensen.

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