New tax bill has no impact on 2017 filings

New tax bill has no impact on 2017 filings

COLUMBUS, GA (WTVM) - Many people are wondering if changes resulting from the new tax bill will cause an impact as they file taxes for 2017.

Elizabeth Demunn with Supreme Fast Tax in Columbus says the new tax laws signed by President Trump will not affect those filing for 2017.

The new tax laws will be implemented in the 2018 tax filing. She says the new changes are still being finalized and the new legislation cuts taxes for corporations.

American taxpayers would also get cuts, though most of the changes affecting taxpayers would expire after 2025.

Demunn says with the new tax laws, you should double check your exemptions.

"You hate to get at the end of the year and made $41,000 in income and paid $200 in taxes. That means your exemptions are way too low," says Demunn.

Part of the tax reform bill includes a $10,000 cap on property tax deductions. She says that should not have much effect on residents in the Chattahoochee Valley since Georgia is not considered a high-income state.

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