There’s good news and less-good news for taxpayers on Tax Day, April 15. Americans are getting taxed a whole lot less — about 25% less, on average — and their refunds are up, but only by 1.4% on average, according to new data from H&R Block.The tax preparation heavyweight with a national footprint said the answer, at least for its clients, lies in the fact that many people failed to update their withholding rates after a major overhaul of the tax code went live.
The states where residents’ tax bills have shrunk the most The H&R Block findings broke out which states residents had the sharpest average tax liability drops:• Massachusetts, with a 27.6% decline, coming to $1,875 lessThose are states with higher taxes on the whole where residents could be crimped by the $10,000 cap on state and local deductions.
Rigney said people were sometimes unsure how to access their W4’s, and then unsure on exactly what to do when getting to the form.Filing statistics from the Internal Revenue Service show that by the week ending March 29, the federal government had paid out about $6 billion less, or almost 3%, compared to this time last year. By the IRS tally, this year’s average refund so far is $2,873; that’s $20 bucks lower than last year’s $2,893 average refund at this time.
‘Relying on their refund size to determine what tax reform means to them may not only be misleading, but can also put them further at risk of not getting the tax outcome they want when they file next year.’ —Kathy Pickering, vice president of regulatory affairs at H&R Block and executive director of the company’s Tax Institute “All these moving pieces have made it hard for people to understand the TCJA impact on their individual situation.
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