BAY COUNTY, Fla. (WJHG/WECP) - Tax advisers say some people filing their taxes are concerned about the new tax act and how it will impact them.
Tax experts say this year the act won't affect you and you should file as normal.
Employees at H&R Block in Panama City Beach say some of the changes in the new tax act will affect homeowners, residents of high income tax states, and families.
They also say the biggest change to fling your 2018 taxes is that the personal exemption has been eliminated.
"When you go into a tax specialist and do your taxes you can ask them at that point in time, 'can you give me an idea of what the impact is going to be in 2018?' I mean there's still a lot of things being done with it," Richard Gilland, tax adviser at H&R Block said. "The IRS still has to take the act and convert it to regulations."
Other changes include a larger standard deduction, an increase in the child tax credit, and a new credit for other dependents of the family.