Filing 2018 taxes may be far from ‘EZ’

 2018 Tax Season Update

Tax Refunds are about 8 percent smaller on average so far this year as compared to 2018.  The 35 day partial government shutdown left the IRS unprepared to process tax returns.  Now that the government has reopened and will hopefully avoid another shutdown by weeks end, tax returns are being processed and overall 8 percent lower than in years past.  IRS released new withholding tables in early 2018 which some employees utilized to adjust their take home pay for the new Tax Laws, however some of these tables may not have translated properly to many company’s Human Resource/Payroll departments that pay all of the nations workforce.  Due to this fact, many employees may find that they have not had enough Federal income tax withheld, which will result in less of a tax refund or a higher amount of tax owed.  Additionally, there were so many changes that were made this year in the tax code, many taxpayers didn’t understand fully how each change would affect them.  Please consult our firm for your tax return preparation needs as early as possible this year due to all the changes we are dealing with.  Hang in there only 8 weeks and 3 days left until Tax Day!! But who’s counting!!