New tax law and how it impacts you
The Dougherty County Rotary Club heard from an important speaker Tuesday morning at their weekly meeting.
Tax Attorney Eric Hooper broke up some of the different tax changes in the new law that went into effect at the end of 2017.
Hooper says everyone will be impacted by this new tax law that will stay into effect until December 21st of 2025.
Hooper says although most people are preparing their income tax returns from last year at this time, the new tax law changes will not affect them until they go to prepare their tax returns for 2019.
According to Hooper, most of these law changes are positive for both the average tax payer and small business owner.
Under the new tax code, employers are required to with hold less from employees which means you may have noticed you paychecks have been a little higher recently.
"One of the things that has been seen by local tax payers is that when they receive their pay check each month, there's a little bit more in the pay check and that's because the with holding taxes have been affected by the income tax rate," said Hooper.
According to Hooper, the new changes also simplify the code which should make it easier to file tax returns in the future.
Hooper says most of these changes are complex so it is best to speak with a tax consultant to see how these changes may affect you.
The Rotary Club also made a big contribution to the Salvation Army at Tuesday's meeting.
The members of Rotary have been collecting canned foods and pop tops throughout the month of February.
Bags were filled with non-perishable items and canned goods all for the homeless community right here in Albany.
A representative from the Salvation Army received all of the generous donations.