Tax season has begun and tax accountants in our area want to remind you that there are new tax laws.
Those laws go into effect this year, 2018, but not for the 2017 tax year; which we are filing for right now.
Some people will notice the effects of the new tax law beginning with the paychecks they’ll receive in February 2018. Less federal taxes will be held out of these upcoming paychecks, but as of now everything is pretty much the same as last year – taxes wise.
“Well the new tax laws, personal exemption and dependent exemptions they’ve been eliminated and across the board people will see an increased standard deduction,” Tax Accountant, Tony Martin, said.
Tax accountants said these new laws are the IRS’s efforts to eliminate itemized deductions, which helps better prevent fraud.