New laws which will affect how you file your taxes

As the start of a new year is exciting for some, others dread the thought of Tax Season.

From January 1st to April 15th, individual taxpayers prepare their financial statements and reports for the previous year.

While some people may feel financial strain of tax season, others may be elated with new tax laws.

Your standard deduction varies according to your filing status. In 2017, the standard deduction was $12,700 for married couples. This it has risen to $24,000, nearly doubled since last year. The standard deduction for a single person has doubled $12,000 for a single person as well.

Not only will new deductions benefit individuals across the country, but small business owners will benefit as well.

Qualifying small businesses will see lower individual tax rates as well as a 20% deductible for companies filing as pass-through entities.

“It’s going to be a big help for small businesses,” said Nyle G Taylor, a Certified Public Accountant in Pocatello.