These are the states where tax bills have shrunk the most TaxDay
There’s good news and less-good news for taxpayers on Tax Day, April 15. Americans are getting taxed a whole lot less — about 25% less, on average — and their refunds are up, but only by 1.4% on average, according to new data from H&R Block.The tax preparation heavyweight with a national footprint said the answer, at least for its clients, lies in the fact that many people failed to update their withholding rates after a major overhaul of the tax code went live.
The states where residents’ tax bills have shrunk the most The H&R Block findings broke out which states residents had the sharpest average tax liability drops:• Massachusetts, with a 27.6% decline, coming to $1,875 lessThose are states with higher taxes on the whole where residents could be crimped by the $10,000 cap on state and local deductions.
Rigney said people were sometimes unsure how to access their W4’s, and then unsure on exactly what to do when getting to the form.Filing statistics from the Internal Revenue Service show that by the week ending March 29, the federal government had paid out about $6 billion less, or almost 3%, compared to this time last year. By the IRS tally, this year’s average refund so far is $2,873; that’s $20 bucks lower than last year’s $2,893 average refund at this time.
‘Relying on their refund size to determine what tax reform means to them may not only be misleading, but can also put them further at risk of not getting the tax outcome they want when they file next year.’ —Kathy Pickering, vice president of regulatory affairs at H&R Block and executive director of the company’s Tax Institute “All these moving pieces have made it hard for people to understand the TCJA impact on their individual situation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On Tax Day, Trump tax cuts remain deeply unpopularThe president this week is embarking on a rescue mission to rebrand the 2018 law, partly to firm up his economic credentials ahead of the 2020 election.
Read more »
IRS Addresses Top Tax Refund Myths As Tax Day ApproachesWhile some 50 million taxpayers have yet to file their tax returns, tens of millions have already filed and are eagerly awaiting their tax refunds. To help sort out the truth from the confusion, the Internal Revenue Service (IRS) has issued a list of refund-related myths/
Read more »
Tax Day: How your refund was affected by the new 2018 tax lawTrump's Tax Cuts and Jobs Act will affect American's tax refunds and tax bills this season. Learn how the new 2018 tax law will impact your taxes in 2019.
Read more »
Tax Day 2019: Did the GOP tax bill live up to its promises?President Trump and top Republican leaders promised Americans that the Tax Cuts and Jobs Act would provide a simpler and cheaper tax bill -- and that it would unleash a capital spending and jobs boom. Some of that has materialized and some of it has not.
Read more »
Mnuchin overplaying hand with role in fight over Trump's tax returns: Tax expertsSome tax experts say Treasury Secretary Steven Mnuchin may be overstepping his authority by getting involved in the administration's response to a congressional request for the president’s tax return information.
Read more »
Sanders tax returns show both income and tax rate jumped after presidential campaign, revealing millionaire statusDemocratic presidential candidate Bernie Sanders, a senator famous for his campaign against the unjust power of the richest 1%, released years of tax returns on Monday.
Read more »
Don’t Forget About Foreign Assets On Tax DayU.S. citizens and resident aliens, including those with dual citizenship, may have to report certain foreign assets. Here's what you need to know.
Read more »
As Tax Day Nears, IRS Reports That Filings, Refunds Remain Off-Pace Compared To Last Year
Read more »
It's deadline day for Trump's tax returnsToday is the deadline Democrats had given the IRS to turn over Trump's taxes. BrookeBCNN: 'If you were still in your same job now...would you give Congress what they are requesting?' Former IRS Commissioner Mark Everson: 'I would.'
Read more »