- Advertisement -Newspaper WordPress Theme
ArticlesFamily ArticlesMany Taxpayers Surprised by Smaller Refunds

Many Taxpayers Surprised by Smaller Refunds

 

shutterstock 173624585

Sticker shock in the retail industry is not uncommon. But many taxpayers, this year, have been getting somewhat of a sticker shock when it comes to their tax refunds. That’s because so far this tax season, refunds have been down. Way down.  

The Tax Cut and Jobs Act came with promises of a nice tax break for the middle class. So why have so many refunds been reduced? The reason is the new laws changed withholding amounts. That means taxpayers have been getting more income with each paycheck. Because less money was being withheld all year, people are getting less back in their tax refunds

The problem is most taxpayers haven’t seen a huge difference from paycheck to paycheck. So they haven’t noticed the cumulative affect. The IRS warned taxpayers all year to check their W-4s to ensure the proper amount was being withheld. However, in many cases, taxpayers didn’t heed the warnings. 

Now that tax season is here, most taxpayers are expecting their usual refunds. But that’s just not happening, which is leaving numerous taxpayers upset. However, the truth is, you don’t want to have a large refund because that money belongs to you all year. The new tax laws make it so you get it up front, instead of waiting until the following tax season. 

But it might take some time for taxpayers to get used to the changes. 

 

The post Many Taxpayers Surprised by Smaller Refunds first appeared on Advisors to the Ultra-Affluent – Groco.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe Today

GET EXCLUSIVE FULL ACCESS TO PREMIUM CONTENT

SUPPORT NONPROFIT JOURNALISM

EXPERT ANALYSIS OF AND EMERGING TRENDS IN CHILD WELFARE AND JUVENILE JUSTICE

TOPICAL VIDEO WEBINARS

Get unlimited access to our EXCLUSIVE Content and our archive of subscriber stories.

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme