Could new law mean more green for taxpayers?

BRUNSWICK COUNTY, NC (WWAY) — It is the biggest tax change in thirty years; the Tax Cuts and Jobs Act. But could the new law do more than add zeros to paychecks and when will you see the effects?

It is a time many dread but cannot avoid: tax season.

“Very stressful at times, but in the end it pays off, and I think everybody is happy in the end,” tax filer, Brandon Hamilton, said.

Many rush to get their taxes done to get refunds faster, while others wait and hope they don’t have to pay. But according to one Brunswick County tax service, the federal tax reform passed late last year could mean more green.

“I think it’s great. I think it’s simplified the tax code a little bit more,” Tax Preparer Susan Riopel said. “It’s allowed a little bit more leeway for folks to use the standard deduction and have a lot more to deduct from their income so they can get a bigger refund.”

Riopel said the number one question she gets is if people are better off after this reform.

“A tax return is like your finger print: everyone is different,” Riopel said.

The new legislation has increased the standard deduction, taken away exceptions and trimmed individual tax rates. But you won’t see the changes until next year.

Riopel said in 2019, the average, middle, and low income household will see an increase in refunds all across the nation.

There is one change you should see now.

“Folks are seeing an increase in their paycheck for this year right now starting in February,” Riopel said.

The withholding table has changed, but Riopel said you should take a look at your pay stub to make sure you are deducting enough. But money talks and tax payers want more of it.

“There is multiple things you can use extra money for and if you pay less and get more that is always a very good thing,” Hamilton said.

There is still plenty of time to get your taxes done. The deadline is April 17th.