5 ways the election could affect your taxes

a flag flies over the Capital Building
a flag flies over the Capital Building

Less than a week after the midterm elections, politicians and special interest groups are both plotting their next moves. With an overwhelming majority of voters citing the economy as the deciding factor in the election, both parties realize that some kind of change is inevitable for the coming year.

Here's a quick guide to potential tax changes to look out for:

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
What is a Schedule K-1 Tax Form?
The Schedule K-1 is slightly different depending on whether it comes from a trust, partnership or S corporation. Find out how to use this tax form to accurately report your information on your tax return.
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Business Use of Vehicles
If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles can deliver healthy tax savings.
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How to Change Your Tax Filing Status
Choosing your filing status is an important first step for preparing your federal tax return. Your filing status determines your standard deduction, tax rates and brackets.
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A Guide to Self-Employment Taxes for Contractors, Freelancers, and Beyond [Infographic]
If you work for yourself and don't call anyone your boss, you're likely self-employed. This carries advantages, like not having a manager and deciding your own hours. But it also comes with trade-offs, like paying the self-employment tax and paying for your own employee benefits.
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