Updated: December 28, 2017

QUESTIONS AMONG TAXPAYERS HAVE BEEN RISING FOR SOME HERE IN TENNESSEE AS A NEW TAX LAW GOES INTO EFFECT JANUARY 1ST.  THE NEW LAW WILL LIMIT THE AMOUNT OF STATE AND LOCAL TAXES AS WELL AS PROPERTY TAXES THAT PEOPLE CAN DEDUCT ON THEIR FEDERAL RETURNS TO 10 THOUSAND DOLLARS.  JIM BREWER WITH J AND M TAX AND ACCOUNTING IN LAWRENCEBURG ADVISED THEY HAVE BEEN GETTING CALLS ABOUT THE CHANGE AND ADVISE THIS WILL ONLY APPLY TO INDIVIDUALS WHO ITEMIZE DEDUCTIONS AND DOES NOT APPLY TO RENTAL PROPERTIES, FARMS OR BUSINESSES AND TENNESSEE DOES NOT HAVE A STATE INCOME TAX.  FOR MORE INFORMATION GO TO I-R-S DOT GOV SLASH NEWSROOM.