Tax Season!!

[chascornell]

This years refund/penalty has a lot to do with your withholdings. I have done a few people’s taxes this season and Chad is definitely right about the mileage! I think the new system will balance out more with about 50/50 get refunds/penalties, whereas in the past few years 75% or more of people got refunds. So yes, the government having less of our money throughout the year makes more sense for us, but people don’t understand why they aren’t getting a refund. One person who had historically gotten a mileage deduction ended up owing a substantial amount, so they decided to go with the standard deduction instead. It seems to me that the largest factor in affecting a return is the child tax credit and earned income credit.


Sent from my iPhone using Tapatalk