Ask Stacy: How Will the New Tax Law Affect Me?

In the past, what you paid in taxes was based on your income. Now, where you live, whether you itemize and the type of job you have will determine how much you shell out to Uncle Sam.

Ask Stacy: How Will the New Tax Law Affect Me? Photo by Nerthuz / Shutterstock.com

Welcome to “Ask Stacy,” a short video feature answering money questions submitted by readers and viewers. You can learn how to send in a question of your own below.

If you’re not typically a video watcher, give it a try: These videos are short and painless, and I’m confident you’ll learn something valuable.

Today’s question is about the new tax law; specifically, how to know if it’s going to help or hurt you.

While the new law affects virtually every taxpayer, it doesn’t impact them equally. Whether it’s good or bad for you will likely depend on where you live, how you get paid and whether you itemize.

Here’s what you need to know.

For more information on this topic, check out “6 Important Take-Aways From the Tax Reform Effort.

Got a question you’d like answered?

You can ask a question simply by hitting “reply” to our email newsletter, just as you would any email in your inbox. If you’re not subscribed, fix that right now by clicking here. It’s free, only takes a few seconds, and will get you valuable information every day!

The questions I’m likeliest to answer are those that will interest other readers. In other words, don’t ask for super-specific advice that applies only to you. And if I don’t get to your question, promise not to hate me. I do my best, but I get a lot more questions than I have time to answer.

About me

I founded Money Talks News in 1991. I’m a CPA, and have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Got any words of wisdom you can offer on this week’s question? Share your knowledge and experiences on our Facebook page. And if you find this information useful, please share it!

Got more money questions? Browse lots more Ask Stacy answers here.

Stacy Johnson
Stacy Johnson @moneytalksnews
I'm the founder of Money Talks News and have spent the last 40+ years in the personal finance trenches. I'm a CPA, author of a few books and multiple Emmy recipient. I'm ... More

Comments

829 Active Deals

More Deals