NAMPA, Idaho — A new law affecting taxpayers has gone into effect this year and you can expect to keep more money. While some things have changed, the seven different tax brackets have remained the same. New this year are tax rates themselves. This year they have been lowered and changes have also been made to income thresholds.
The tax bracket for the highest income earners is falling from 39.6% to 37%. The standard deduction did increase from $6,350 to $12,000 for an individual. It's one of the reason's taxpayers who have itemized in the past might consider taking a standard reduction.
Something worth noting if you're a new homeowner, you can only deduct your mortgage interest up to $750,000, which is down from $1 million.