Posted on 02/10/2019 6:48:48 AM PST by Libloather
(CNN) — Tax season is off to a slower start this year, with early filers seeing smaller average refunds.
The average refund is down about 8% under the first full year of the overhauled tax code, according to data released by the IRS on Friday. Refunds averaged $1,865 compared to $2,035 for tax year 2017.
The total number of returns received also dipped during the first week of the season ending February 1, down from about 18 million to some 16 million so far in 2019.
This season will be watched closely to gauge the real impact of the Republican-led tax overhaul in 2017 that ushered in the most sweeping changes to the tax code in 30 years
(Excerpt) Read more at -m.cnn.com ...
It’s Calif, NY, and NJ. High tax states that can’t deduct their interest. Heh heh.
I expected a bigger refund, then discovered that I’ve already had my refund, in the form of more money in my pocket over the course of the year. Some people, though, are stuck on that refund ... it’s their only way of saving money. They haven’t the discipline to do it for themselves.
This is a meaningless headline since payroll withholdings were adjusted in last February. While refunds may be down, the actual tax paid should be as well (but CNN won’t report that).
I prefer to owe, but not as much as I owe this year...
Refunds are down because withholding is down. They forget to mention that little fact. Refunds are meaningless they should talk about the total tax bill. But that doesn’t fit their narrative
I always strive to owe as much as possible without incurring a penalty. I pay at the last possible date. I keep the maximum amount for the longest time.
Trump let Javanka and the corrupt congress shape the tax bill and it did, indeed, shaft lots of the middle class.
I don’t get Tax Refunds, I write a check every Year! and NO I do NOT pay quarterly as they want businesses to do, there is a $100 penalty I pay to avoid giving them anything until I know the exact total amount of my tax bill.I will let you know how it works out next month.
Maybe we just ABOLISH the Victory Tax.
I generally owe a lot and prefer to keep it that way. I am not in the business of giving the government a tax free loan
No, it is just REFUNDS that are down - which isn’t the same as “taxes are up”. The government started withholding less last February, so people have been warned for some time that they might not get back as much as they expected (because they got their “refund” in advance for the last ten months of 2018).
I live in NJ, and assure you many people will be OK with the limits on property and state income taxes (not interest). The doubled standard deduction will still help plenty of people with state/local taxes over $10,000.
I gladly pay the penalty for owing too much. It is a small amount and gives me the satisfaction of not giving the government a loan fir the year
I agree; some people prefer using the return as a non-interesting bearing CD...
Pay fewer taxes = less withholding = smaller return. Thank you, Trump.
One of the reasons refunds are down is that the new tax law lowered the withholding rate for many taxpayers. Thus, they received in their paychecks what they might have been refunded the previous year.
Yes and even my stupid local mainstream media channel affiliates are touting this story.
And liberals are posting it and gloating told ya so . . . without checking their paychecks and doing simple math.
In my early years in the military, I often counted on that $1,000 refund as April-gift money. It took me ten years to revamp my thinking, and do a better job on lessening the monthly amount going to the IRS. To me these days, I feel great when the refund check is just $100. I’ll still treat myself with the hundred.
We’re usually within 200.00 bucks give or take . . . most years owing a couple of hundred . . . but also NOT wanting a big refund that was interest free loan to Uncle Sam.
And I agree 100% with the SALT limits . . . those people vote for their tax and spend state government so only way to rein it in is to cut off the subsidy of the federal tax deduction of wasteful spending in their states. Maybe they’ll change their votes . . . . eventually.
This means that if the average weekly pay went up by as little as $3.30 that the 'average' total income for the 'average worker' was increased.
Regardless of how much more the 'average' worker received in 2018, the msm will never tell us about it.
That's me, too. I like to come as close as possible.
As someone who was at break even last year, I got something more back this year. If people keep more of their money throughout the year than they would naturally see less of a refund. We need to break through this idea of tax season being a windfall when reality is you govt borrow from you interest free all year long. Tax season should not be seen as a lotto win, it was always your money. I’m sure the fake media will spin it as Trump and Republicans being evil.
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