Colorado Springs accountant: Tax bill will have immediate impact

One of the biggest tax reform bills in our nation’s history is now headed to the President’s desk, but many are wondering: how much money are we going to save?

Kathy Bylkas, owner of Your Tax Lady, said most families living in Colorado Springs will save.

“The majority of people living here are a married couple with at least one and a half to two kids,” she said.

Breaking down the numbers

According to Bylkas , the average family in Colorado Springs — two working parents, and two kids, making around $66,000 per year — will only pay $40 in taxes if they had no federal taxes taken out of their pay.

“So they would have a very large refund because they went from a 15-percent tax bracket to a 12-percent tax bracket,” Bylkas said.

Bylkas said most people have at least a 10 percent withheld from their paychecks.

Keep in mind, you won’t see the refund on your actual tax return until you file in 2019.

However, you’ll see more money in your paycheck as less federal tax is withheld. Bylkas says federal withholding will decrease by about three percent, on average.

“These are changes that will take effect Jan. 1 on their actual physical paycheck,” said Bylkas.

If you’re interested in calculating your savings — click here.