There are some big Tax Law Changes


Get ready; this is the first tax return that will see changes from President Trump's tax bill in December of 2017. Some of the changes are considered major.

STA Wealth Management's Michael Smith says the dependent exemption is gone, but it may be a wash for most.

"A lot of people that had the dependent care that's gonna be changed; you're gonna have an increase in the child tax credit, one, if you have more children and number two, I think it would have helped those with aging parents -- so think about the generation now taking care of parents at home; they've added a credit now."

Smith says another big one is the loss of a deduction for business expenses that aren't refunded by employers. Smith says that may impact energy industry workers, especially.

"Think about the oil and gas workers; they go around and they have lots of expenses traveling, meals, all sorts of things, and some work out of their houses sometimes, so those expenses will not be claimed. So, they're going to have to think, with their current employer or if they're under contract, how can they recoup some of that?"

Smith says the deduction for moving related expenses is gone, too and he says that affects more than just current workers. Smith says lots of retirees who move from the city out to the country will be hurt by the loss of those deductions.


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