Taxes might be one of life’s certainties, but it seems plenty of uncertainty remains when it comes to deciphering the federal tax reform passed by Congress in December.

Rebecca Cohen and Tim Dick, both certified public accountants with the Carr, Riggs & Ingram accounting firm in Bowling Green, gave the Bowling Green Rotary Club some highlights of the legislation at the club’s meeting Wednesday afternoon. But those highlights didn’t include many hard-and-fast assertions about the impact of the new law.

Cohen, concentrating on individual taxpayers, pointed out that nearly doubling the standard deduction for both single taxpayers and married couples filing jointly is generally viewed as positive. But she stressed that the bill also eliminates the personal and dependent exemptions, which are $4,050 for 2017.

“So, depending on the size of your family, that (increase in the standard deduction) may not be as big of a windfall as you thought,” she said.

Cohen also pointed out the bill limits the amount of state and local property, income and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax-deductible.

Another aspect of the bill getting the attention of individual taxpayers is the elimination of the current deduction for interest on home equity loans. The bill does keep the current mortgage interest deduction for existing mortgages on primary residences but caps the deduction for future loans at $750,000.

Cohen said changes in charitable deductions are generally favorable but that contributions to such entities as the Hilltopper Athletic Fund are no longer considered charitable deductions.

The elimination of the tax penalty for not having health insurance after Dec. 31, 2018, might not affect as many people as another health care-related provision that lowers the floor above which out-of-pocket medical expenses can be deducted. Cohen pointed out that, for 2017 and 2018, you can deduct medical expenses that are more than 7.5 percent of your adjusted gross income as opposed to the 10 percent level that had been in place.

Addressing the impact on businesses, Dick said the new law could have an impact on how business owners structure their companies. The tax rate for C corporations drops from 35 percent to 21 percent, but partnerships, S corporations and sole proprietorships are subject to individual graduated rates that could go as high as 37 percent.

“It’s a good thing for C corporations,” Dick said. “How you structure your business is just going to depend on your individual situation. You have to determine what the best outcome is. I don’t see great benefit in switching from an S corporation to a C, but you have to look at individual situations.”

Dick pointed out some pros and cons for business owners, including some more generous provisions for deductions on depreciation of equipment and the elimination of deductions for entertainment expenses.

“There are several things to consider to see what’s beneficial to you,” Dick said. “I don’t think anybody can comprehend it totally yet. Time will tell if it’s good for the economy and for the American people.”