How The New Tax Bill Could Change Things

It's the start of a new year.

And the first year with President Trump's new tax bill.

"It's something new that they have to study," said Devra Smestad, Ward County Auditor.

The federal tax laws were officially implemented on January 1st and local county auditors have been busy answering people's questions about how this affects them.

"I don't know with the new tax law what's going to happen exactly," said Dave Niess, Minot Resident.

With the new bill, tax deductions will be changing across the nation.

This past week thousands of people across the country tried to pre-pay their property taxes for the year ahead.

Many North Dakotans tried to do the same, but were turned away.

"In 2018 they're not going to be tax deductible," said Jerry Taft, Minot Resident.

Devra says that many North Dakotan's didn't understand why they couldn't pay in advance.

But the answer is simple.

"We just explained there's nothing to pay advance on. It's not created, it's not been built, there's nothing pending to pay against," said Smestad.

The North Dakota Tax Commissioner says that the filing season this year will be relatively unaffected under the new tax law.

"After this tax year is done, 2019 filings will have the larger change," said Ryan Rauschenberger, ND Tax Commissioner.

That change will include the doubling of the standard deductions.

"If you're single you'll take that 12,000 dollar standard deduction, married filing joint you're going to take the 24,000 and that's doubling essentially what it used to be," said Rauschenberger.

If you're one that's been itemizing.

"Most North Dakotan's who are currently itemizing won't anymore because of the much more beneficial doubling of the standard deduction," said Rauschenberger.

The tax commissioner adds that people will not be deducting property taxes as much as they have been in the future but he does believe that this a positive for the people living here.

"For the vast majority of North Dakotan's I think most will be far better off," said Rauschenberger.

There's a website that you can visit that will walk you through how to calculate your savings under the new law.

http://www.nd.gov/tax/about/federal-tax-reform


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