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Breaking down the new tax law

Posted at 9:39 AM, Jan 11, 2018
and last updated 2018-01-11 12:27:20-05

LEE COUNTY, Fla.-- The much anticipated new tax law is finally a reality and you may be wondering how it will impact you.

Local financial expert James Gallagher says the new tax law has little impact on the 2017 taxes. The taxes we will all be doing in the next few months are still based on the old law.

Savings range from no savings to 30%. He says people will need even more financial help with the new tax law.

Gallagher says we still have 7 tax brackets and all of the worksheets like social security taxation. There's a new 199A deduction, a change to the child credit and to the deduction rules.

The people most impacted are professionals and small business owners.

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