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Breaking down the new tax overhaul: How does it affect mid-Michiganders?

"The statistics I've seen is that about 80 percent of the tax payers should see a benefit from this tax bill," said Gary Riedlinger, Principal CPA at Yeo & Yeo in Saginaw. (Photo credit: WEYI)

SAGINAW, Mich. - This new tax bill is going to affect everyone, from how they file their taxes to how much will come out of their pay checks every year.

So here's a breakdown of how this new bill could change your finances.

Gary Riedlinger of Yeo & Yeo CPA's in Saginaw says the new tax bill could be a positive thing.

"The statistics I've seen is that about 80 percent of the tax payers should see a benefit from this tax bill," said Riedlinger.

How you ask? Riedlinger says it begins with how you file your taxes.

"They're not going to have to itemize deductions,” he says. “The standard deduction is almost doubled from the previous law so many people will be able to file a more simplified form."

He also says the bill lowered tax rates about three percent and expanded brackets.

There are even bigger savings if you have children 17 years old or younger.

Overall, Riedlinger says the bill is far from perfect but everyone should give it time to settle and see what happens.

One part of the original tax proposal that had a lot of people upset involved the elimination of the student loan interest deduction and tax-free tuition waivers for grad students.

But the version of the bill that will likely be passed tomorrow keeps those deductions.

If it's signed into law this month, workers would start to see changes in the amount of taxes withheld from their paychecks in February.

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