McKellar & Easter, Attorneys at Law We protect what's most important
Contact Us For A Free Telephone Consultation

The new tax bill makes some big changes to what people will owe

As people in Tennessee are probably aware, over the last few months both the House of Representatives and the Senate have been working on a new tax bill to overhaul the current tax system. After meeting together, the House and Senate both settled on a joint bill which was passed by both the House and Senate. President Trump recently signed that bill into law and made the tax law changes official. There are some big changes that have been made in the new tax bill.

One change is that there are much fewer itemized deductions that people can take. However, the standard deduction was almost doubled. The tax rates and brackets were also changed. The top brackets had the percentage they are required to pay reduced, and there are other brackets that will see their tax burden reduced as well. However, some people will be put into higher brackets, as some of the brackets lowered the income thresholds for those higher brackets. Many pass-through business will also see the percentage they must pay reduced. The new bill also caps the amount that one can deduct for state and local taxes at $10,000.

Now that the new tax bill is officially law, people will need to learn what brackets they are now in and figure out how much they will need to pay. The law goes into effect on January 1, 2018, so people also do not have much time to figure it out. However, that does not mean that each individual taxpayer is not responsible for knowing the law and paying the correct amount of taxes.

Many people in Tennessee will experience changes in their taxes with the new tax bill. Yet, how it will affect their taxes is still to be determined. It is important that people understand the new law so that they pay the correct amount and avoid any penalties for not paying what they owe. It will take some time to understand all the new implications from the law, but experienced attorneys may be a useful resource if people have a misunderstanding about any aspect of tax law.

Source: Investor's Business Daily "6 big rules changes for individuals in the new tax bill," Paul Katzeff, Dec. 22, 2017

No Comments

Leave a comment
Comment Information

Experienced. Committed. Respected.

Mr. McKellar was voted by his peers as a “Top Attorney” by Knoxville’s CityView Magazine in its 2010, 2011, 2012, 2013, 2014, 2015, 2016, and 2017 editions. In 2014, 2015, and 2016, Mr. McKellar was selected as a member of the “Top 100 Trial Lawyers” by the National Trial Lawyers.

Ms. Easter was voted by her peers as a “Top Attorney” in Cityview Magazine for Family Law / Divorce / Child Support in 2012, 2013, 2014, 2015, 2016, and 2017.

Mr. Devore was voted by his peers as a "Top Attorney" by Knoxville’s CityView Magazine for Social Security Disability in 2017. "

  • The National Trial Lawyers | Top 100 Trial Lawyers
  • Your Partner in Practice | KBA Proud member | Knoxville Bar Association
  • Avvo Rating 10.0 Superb
Start Now. Contact Us Today.

Have Questions? We Have Answers.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Locations

Knoxville Office
412 Ebenezer Road
Knoxville, TN 37923

Phone: 865-566-0125
Fax: 865-566-0126
Map & Directions

Nashville Office
424 Church Street, Suite 2000
Nashville, TN 37219

Map & Directions

Atlanta Office
Riverwood Center
3350 Riverwood Parkway, Suite 1900
Atlanta, GA 30339

Map & Directions