New tax law brings new questions for North Platte taxpayers

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The new tax law passed by congress this year brought an overhaul to our tax system but it also brought with it a lot of questions.

Tax professionals in our area say one of the biggest questions people have is if the penalty for not having insurance is still in effect.

The penalty was eliminated in the new tax law but it is still in place for the 2017 filling. Standard deductions have also nearly doubled. This means less of your overall income will be taxed since your deduction has increased meaning more money in your pocket.

Tammi Fangmeier with Jackson Hewitt in North Platte says people in the Midwest are more likely to benefit from the changes.

"We don't have the higher income. It's the east and west coast. They'll pay more taxes because they wont be able to deduct their real estate, the interest on their real estate, because there's an income threshold," said Fangmeier.

Other changes include eliminating living expense deductions for congress when they're traveling away from home. Taxes have also been reduced for the medical expense floor which includes itemized deductions for medicine and doctor's visits. These changes are not in effect for your 2017 tax returns