Tax Questions Center Around 2018 Law Change

Tax Overhaul Shouldn't Impact this Return

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Amherst, NY (WBEN) - The new tax law won't impact your return until next year, but that hasn't stopped many from asking questions while filing ahead of this year's deadline.

As tax day rapidly approaches on April 17, many are wondering what the tax law overhaul will mean for next year's return. 

"What you really have to do is when you're doing the 2017 return you need to say 'We're already four months in to 2018, this is what it's going to look like next year,'" said Esther Gulyas, the 'Tax Lady' from EG Tax. "People are getting more take home pay, so you're going to want to find out if you're really getting that big of a tax cut, because if you're getting more take home pay that means there's less withholding, and you could owe money."

Gulyas believes it's likely most people will see a smaller return next year.

"Lets say you're getting an extra $100 per month take home pay, that's $1,200," Gulyas said. "If your withholding this year was $4,000 and they're taking out $1,200, that means $2,800 in withholding next year. If you really didn't get much of a tax cut at all, you owe money."

While many are buzzing with questions about next year, Gulyas answered plenty of questions about this year's filing. Hear more with the Tax Lady below: 

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