The tax refund story is mixed. Some are seeing bigger refunds, while homeowners in high tax states report paying taxes, instead of getting refunds.
Plenty of time remains on the game clock when it comes to tax refund season. So the question remains: What's the final score? Will you win or lose?
Yet some tax professionals who serve middle America report that all news isn't dire when it comes to tax refunds in the post-Trump tax cut world. The cost of money: Fed expected to stand pat on rates but could signal how long it stays on sidelinesIn such cases, Tax Max, which began in 1995, prepares returns for customers after they go to the dealership. The fee is $139 — with no extra cost for extra forms. Business owners and those with rental income would pay more.
Some homeowners who prepared their taxes already, for example, are complaining that they got hit by a significant limit on the deductions that they could take relating to their state and local income taxes. Neylan said his typical Tax Max customer makes less than $100,000 and benefits from a variety of tax credits, such as the American Opportunity Tax Credit for qualified education expenses for college, the Earned Income Tax Credit for low-to-moderate income working households, and the Additional Child Tax Credit.
In Michigan, Hunt noted that the Michigan Homestead Property Tax Credit went up to $1,500 from $1,200. And the income limit at which the credit is eliminated was increased from $50,000 to $60,000 for total household resources. So more people are benefiting there, as well.The average federal income tax refund was $3,008 so far this year through March 8, up just a few dollars compared with $3,004 for the same time frame in 2018, based on IRS filing statistics.
Jackson Hewitt's early filers, for example, include a good volume of those who claim the Earned Income Tax Credit as well as families benefiting from the doubling of the child tax credit to $2,000 on 2018 returns, Steber said. All tax surprises aren't badWhile average tax refunds nationwide are likely to be lower than a year ago, the impact on individuals will vary greatly by demographics and geography, said Jonathan Smoke, chief economist for Cox Automotive. Roughly 30 percent of a group of adult workers surveyed by Cox Automotive saw bigger or smaller refunds than they expected.
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