Listen Now: Expecting a Tax Refund This Year? Not So Fast
The annual tax season is upon us. And for some, those tax returns just don’t add up.
After all the news reports about the Trump tax cuts passed last year, many consumers expected big refunds when they filed their taxes for 2018. But according to Yahoo Finance, some have found themselves with a surprise tax bill from the IRS.
According to Mark Mazur, Director of the Tax Policy Center, for most people who have seen a negative change, they did not notice withholding on their paychecks changed, affecting their income liability. Put simply, thanks to the tax cuts and jobs act, some people have been getting bigger paychecks which could affect their refund status.
In fact, some will now owe the IRS instead of getting a check in the mail, depending on how much tax is withheld from your paycheck by your employer.
So as with all things dealing with taxes, get professional advice from independent experts. And remember that old adage from Late Illinois Senator Everett Dirkson, don’t tax me and don’t tax thee, tax the person behind the tree.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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