How the new tax reform will affect your wallet and tax returns

How the new tax reform affects your paycheck

SAN ANGELO, TX - When you get your next paycheck you might notice a little extra spending cash. We spoke to a tax expert on just how our presidents new tax reform is impacting your wallet.

Going into 2018 most people will see a paycheck increase.

"The IRS changed the tax tables so the withholdings will change," said Shirley Payton, tax expert at A Plus Tax.

She says the changes in the tax tables is what's affecting the numbers on your paycheck.

 

"It will most likely give everybody a pay increase that they’re going to feel right now," said Payton.

So what does that mean for your tax returns for the upcoming year?
 

"The standard deduction has increased it’s almost doubled; $12,000 for a single person, $24,000 for married couples," said Payton.
 
People with families will also see a benefit.


"The child tax credit has increased to $2,000 dollars per child up from $1,000," said Payton.

Beginning January 1st we can begin to see the tax reform changes affecting our wallets.

 

But if you haven’t noticed the change yet, she says your employer should be making the change soon.
           
“They’re requesting that employers if they haven’t already start by February 15,” said Payton.

 

© 2018 KIDY-TV


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment
TRENDING VIDEOS
More Stories