CPA: New tax law is ‘going to impact just about everybody’

Posted: Updated:
WOODBURY -

Taxpayers who thought they were withholding enough from their paychecks to get a refund could end up owing money this year on their taxes.

Mark Balog, a CPA, says his clients “don’t know what to expect” this year due to the new tax law.

"It's going to impact just about everybody," says Balog.

This year, deductions for state, local and real estate taxes are now capped at $10,000. The tax withholding tables are different too.

Balog says couples with two children will now benefit, being able to get a tax credit for each child. He says others will suffer.

"Some of the seniors are going to get hurt, with respect to if they're still living in large homes and they're on fixed income," says Balog.

CPAs recommend hiring a professional to help with filing returns this year.

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