As taxpayers roll into the second tax-filing season beneath the Tax Cuts and Jobs Act, one query stays: “Will I come out forward in 2019?”
The IRS started accepting 2019 tax returns on Jan. 27 and anticipates it can obtain greater than 150 million particular person returns this yr.
To this point, the company has delivered 4.three million refunds to early-bird filers, distributing a median verify of $1,869 to these households, in keeping with IRS information for the week of Jan. 31.
Extra from Sensible Tax Planning:
Trump desires to increase his tax overhaul. What it means for you
One in 5 concern they’re going to owe the IRS cash this spring
Tax season is right here! What it’s good to make it straightforward
Resist the urge to make use of the refund to find out whether or not you are finally benefitting from the 2018 tax overhaul. The verify you get again from Uncle Sam solely tells a part of the story.
“The quantity of people that suppose they’re worse off versus those that are literally worse off is pushed by this notion of whether or not the refund went up or down,” stated Ed…