New tax changes could mean more money in your pockets
LYNCHBURG, Va. (WSET) -- New tax changes going into effect may cause many to see more money in their paychecks.
The standard deduction is set to double this year from $12,000 to $24,000 and the child tax credit will also double from $1,000 to $2,000.
There will also no longer be a penalty for not having insurance under the Affordable Care Act.
Medical expense deductions will also increase from 7.5% to 10%.
These benefits will be seen in 2019 when 2018 taxes are filed.
"They will see a lot larger deductions as far as standard, a lot more in credits, and things like that. That should increase their refund if nothing else and deduct from what they owe," said Michelle Catron of Liberty Tax.
Catron also stressed filing taxes as soon as possible to be protected from identity theft.