For many of us workers, income taxes are on autopilot. Our employer withholds a fixed amount from each paycheck, and when we file our return the following year, it generally works out. About 75% of us get a refund each year, and it’s usually around the same amount, as long as we don’t change jobs or have any other big changes.
But big changes did hit most taxpayers in 2018. The TCJA lowered the overall tax burden for about two-thirds of workers, leaving a majority of us with slightly larger paychecks. BUT a quirk could leave some of is with an unhappy surprise as we file our 2018 returns this year, and find that the refund we were expecting is smaller than before. Some of us that have gotten refunds in the past could even end up owing money, instead.
If you want to find out more, click HERE.