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      [Tax Business]




      This is a follow up story to the one about middle class and conservative tax payers upset/shocked about having their refunds cut or finding they actually owe taxes. Owing taxes, and not being due a refund, is new to many. Most refunds, according to the IRS, will be smaller (8% on average), and many others who are used to receiving a refund will not be getting one (up to 25%).

      Linked is a report on the IRS reasons as to why that is true, but not totally true.

      They say that it is indeed true that due to the new tax reform law that about a quarter of tax payers who normally would have gotten a tax refund will not be getting a refund this year. But, tax payers should remember, says the IRS, that this new tax reform law also reduced what the income earners paid in advance to the IRS through payroll deductions. Therefore most income earners should understand that they have already received, as part of their take home pay, any tax savings due to them.

      John Q -- "But due to increased fees and health insurance premiums I didn't take home more!"

      This isn't going to sit well with people.



      Expect the number of stunned people to steadily grow as this new tax reality hits home.

      It's a new day at the IRS. It is Trump day!


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          Dajuan Candle
          4 days ago

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          When the tax 'break' passed, my husband increased the amount held from his check, expecting trouble come tax time. I just did our taxes a couple of weeks ago, and we are getting back about the same amount we do every year. So...he paid out more per paycheck, but we are getting the same we always do in refund. Meaning ol' Uncle Sam apparently kept that extra.

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              RealAmerican
              3 days ago

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              So that means you will not be contributing as much to the rebuilding of our aged and ragged infrastructure as others. Congratulations to you.


              I am the little people. Just getting by on crumbs. sigh

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