Everyone is all upset about their tax returns because they are not what they used to be and there are numerous reasons for that. Let’s start off with the change in the tax break, everybody’s tax rate went down in 2018. When your tax rate goes down and if you have not changed your withholding. Your withholding is going to automatically go down. The reason for that is that your net pay is calculated or your gross pay on what the taxes are calculated based on your tax rate and your dependents at home. So, this means you got a bigger pay check during 2018 and people thought they were going to get a bigger tax refund. But the tax refund has gone down due to the tax rates and your amount of withholding has gone down. Now your net take has gone up if you look at your last year tax returns and you look at what was calculated as your tax liability for 2018. We think most people will be a little bit surprised that the actual tax that they paid in 2018 was less than what they paid in 2017. If people want a bigger check, they need to change their withholding amounts. Want to learn more about how to new tax laws? Please contact us and we will put you in touch with Jeff Edwards!
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