The final stats are in from the IRS — and it looks like the average tax refund check isn't all that different from last year.
Tax returns are in the public eye as filers and accountants grapple with the Tax Cuts and Jobs Act, the 2018 overhaul of the tax code.Adult kids eating into parents' retirement savings: StudyUnder the new law, the standard deduction has been doubled to $12,000 for single filers and a number of key itemized deductions have been curtailed. The personal exemption — once valued at $4,050 for each filer, spouse and dependent — has been suspended.
"But they also saw less withheld in taxes, meaning they had more money in their paychecks, which created less of a refund," Freeman said.Last year, the IRS and Treasury changed the tax withholding tables to closely follow the overhaul to the tax code. Employers use these tables and your Form W-4 to deduct income taxes from your pay.
This tax break, which is now suspended, is part of a group of miscellaneous itemized deductions. Prior to the tax overhaul, filers could only claim them to the extent they exceeded 2% of adjusted gross income. The top three counties with the highest average property taxes were Westchester County, New York ; Rockland County, New York ; and Marin County, California , according to ATTOM Data Solutions.• Prepare for 2019: Clients who had tax projections last year were on track this spring, said Freeman. Meet with your CPA and see what you can do differently."This is about education," she said."Not just with the tax law changes, but also being proactive with what you can do for next year.
How about an article on the change in effective tax rate, YoY. That would be the more telling story if, in fact, the cuts benefited the majority of Americans.
Pushes the false narrative of smaller refunds for those who don't understand that refunds are not the same as a tax cut. Finally we get to “They did generally see a benefit from tax reform, be it from the adjustment to their income tax brackets or from the larger child tax credit
No reference to the percentage of those paying zero - the top 1%. Very deceptive.
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