Days
Hours
Minutes
Seconds

New Years Eve in Las Vegas with 8 News NOW

What does tax bill mean for you?

Local News

Remarkable Women 876×150

Remarkle Women Contest

SALT LAKE CITY, Utah (News4Utah) – What does the tax reform bill, expected to pass and get signed into law this week by President Trump, mean for you?

Most Americans will see an immediate tax cut in 2018.

Tax rates for corporations will be permanently cut.

Private businesses will get new breaks, too.

The $1.5 trillion dollar tax bill will likely benefit individuals, according to Scott Farnes, a partner with FJ & Associates, a certified public accounting firm.

“Most of the cases, it will be to their benefit,” said Farnes.

The bill will benefit most individuals and families, he says, but not drastically.

“Beginning of 2018 will see a small increase in their paychecks,” said Farnes.

But just how it will impact you and your family depends on the circumstances.

“The standard deduction has increased for married, going from $12,000 to $24,000, for a standard deduction. If you have a standard deduction, that’s great. But if you have contributions, and mortgages, you have to play with that a little bit,” said Farnes.

The child tax credit will also double to $2,000 for children under the age of 17.

This tax bill also exempts almost everyone from the estate tax — currently only .2 % of the American population would have to pay an estate tax.

Here are some resources to figure out how the tax plan might impact you:

Tax Plan Calculator — http://taxplancalculator.com/

Washington Post Tax Calculator– https://www.washingtonpost.com/graphics/2017/business/tax-bill-calculator/?utm_term=.8459d9f9958c

CNN Tax Calculator — http://www.cnn.com/2017/12/13/politics/calculate-americans-taxes-senate-reform-bill/index.html

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest News Videos

Stamford teenagers save man trapped inside a burning vehicle

Thumbnail for the video titled "Stamford teenagers save man trapped inside a burning vehicle"

Polk Co. Christmas display inspires nonverbal girl with autism to speak

Thumbnail for the video titled "Polk Co. Christmas display inspires nonverbal girl with autism to speak"

Calling all cat lovers: become a foster parent

Thumbnail for the video titled "Calling all cat lovers: become a foster parent"

Weight of the Call: Price Pilot Program

Thumbnail for the video titled "Weight of the Call: Price Pilot Program"

Waterbury family says they don't feel safe in their home after Ring security camera was hacked

Thumbnail for the video titled "Waterbury family says they don't feel safe in their home after Ring security camera was hacked"

Nextdoor app's new feature helping neighbors find the holiday lights in their neighborhood

Thumbnail for the video titled "Nextdoor app's new feature helping neighbors find the holiday lights in their neighborhood"
More Video News
Remarkle Women Contest

Don't Miss