Filing situation may impact tax return amounts
LA CROSSE, Wis. (WKBT) — It tax season but changes to tax laws have decreased refund amounts for some people and businesses.
The Tax Cuts and Jobs Act was signed into law in 2017.
The Act changed how taxable income is calculated, reducing the amount people pay from their paychecks.
If the amount withheld is not enough, filers may owe a tax penalty.
While there have been changes, your tax situation will impact your return.
“If you are a married couple with three or four children, you might see a little bit less, but they did change the child tax credit also, and they went and they raised that up to two thousand over the one thousand they had last year,” said Tammy Pedersen Marker, H&R Block Master Tax Advisor.
The average refund is down more than eight percent compared to the same time last year, according to the IRS.
Information about new tax laws available on the IRS’ website, irs.gov/getready.
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