Taxpayers cry 'TaxScam' as total refunds are down by $6 billion
As the result of the Tax Cut and Jobs Act, many people saw more money in their paychecks throughout the year, although the amounts might not have been noticeable. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 11 at 7:14 AM If I were to give this year’s tax season a title it would be: Refund Mania.Statistics from the Internal Revenue Service showed that the amount of the average refund was down by 8.
There was so much change this past year. The new law increased standard deductions. It also removed personal exemptions, and limited or discontinued certain other deductions. For instance, the total combined deduction for sales, property, and state and local taxes is now limited to $10,000 . — Ian April 6, 2019 Just got our taxes done. We usually break even but this year owe thousands. Already in the hole due to medical bills and husband not getting a paycheck while recovering from surgery. Are we winning yet? @GOP @realDonaldTrump #TaxScam
“The amount of your refund or the amount you need to send with your return is not the same as the tax you pay. It never has been, and it isn’t now,” said Eric Smith, a spokesman for the IRS. “If you want to know how much tax you paid for 2018, look at Line 15 on your completed 1040.”-- Check your withholdings. “The experience of some taxpayers this year is a reminder that checking withholding, ideally every year, is a real good idea,” Smith said.
-- Set up a payment agreement with the IRS if you owe. “Most people qualify, and you can usually do it online in a matter of minutes,” he said. “Payment agreements are a routine piece of business for us, and in recent years, we’ve typically set up 2 [million] to 3 million a year.” Joining me today will be Eric Bronnenkant, head of tax at online financial adviser Betterment. His 15 years of experience include working for EY and Fidelity, and as an adjunct tax professor at Seton Hall University.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Elizabeth Warren says her 2020 campaign raised $6 million in the first quarter, behind major rivalsThe announcement comes amid reports that the progressive Massachusetts Democrat is struggling to raise money after shunning traditional sources of big dollar donations.
और पढो »
Warren raises $6 million in first quarterElizabeth Warren raised $6 million in the first three months of the year, highlighting the difficulty ahead competing for money against more prolific fundraisers like Bernie Sanders and Beto O’Rourke
और पढो »
Senator Warren lags 2020 Democratic hopefuls in fundraising haulU.S. Senator Elizabeth Warren's presidential campaign raised $6 million in ...
और पढो »
Adevinta completes more than $6 billion IPO, Norway's largest in 13 yearsNorway's Adevinta completed a long-planned initial public offering on Tuesd...
और पढो »
How much money 'Game of Thrones' episodes cost to make in the final season, and throughout the seriesHBO's 'Game of Thrones' has a hefty price tag, ranging from $6 million when the show first started to over twice that now.
और पढो »
This Ex-Googler Built What Is Now A $6 Billion Business And Raised $400 Million For His Next CompanyMany entrepreneurs seem to struggle with following what they are passionate about, versus creating startups just for the money. Mohit Aron went with passion, co-founded a company that successfully completed a $4 billion IPO, and has raised more than $400 million for a second venture.
और पढो »
GE shares dive after downgrade by top analyst Tusa at JP Morgan; Price target cut to $5J.P. Morgan's Stephen Tusa downgraded General Electric shares to underweight from Neutral and cut his 12-month price target to $5 from $6.
और पढो »