Three things to know about the new tax law before you file

Many of us have questions about filing our income taxes because of the new tax law, the Tax Cuts and Jobs Act.

We asked tax experts the top three most-pressing tax questions for North Carolinians.

Question: What are the changes specific to North Carolina and what adjustments need to be made?

Answer: "North Carolina is not going to be as big as a surprise because, as we know, we have a flat tax so to speak."

- Ronald G. Wainwright, Jr., CPA, MST for Cherry Bekaert in Raleigh

Question: What do I need to do now to make sure I don't owe money next year?

Answer: "Review your withholdings -- so how much money is being taken from your paycheck if you're an employee -- and you can also make estimated payments ... throughout the year so you pay your taxes in the year that you earn the money so you're not behind by the time that you file your tax return."

- Guillermo Vega, Enrolled Agent for La Oficina in Raleigh

Question: Should I expect a bigger or smaller tax refund this year?

Answer: "The average individual will see a rate or a tax liability, I'll say, reduction. It was estimated by the general accounting office, that that reduction would be about $1,500 per individual. If you're married, filing jointly, I would assume that would be about $3,000."

- Ronald G. Wainwright, Jr., CPA, MST for Cherry Bekaert in Raleigh

Answer: "The additional child tax credit, that one, in fact, was increased so most families with kids under the age of 17 will see that benefit, and that basically means lower tax or a higher refund."

- Guillermo Vega, Enrolled Agent for La Oficina in Raleigh

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