Ambivalent1
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overhaul, which has Block and the rest of the tax-preparation industry bracing for plenty of sour reactions now that tax filing season is about to start ahead of the April 15 deadline. They’re doing things such as extra customer education, employee training and even role-playing exercises to prepare for the financial mood swings ahead.
The bill represented the biggest change in the U.S. tax code since 1986, altering the tax situation for many of the 154 million people expected to file individual federal returns this year with the Internal Revenue Service.
The latest redo, among other things, lowered tax rates for many individual income levels and raised the standard deduction. But it also eliminated many deductions that people had itemized to lower their tax burden — such as union dues and the fees that tax preparers charge — and it placed caps on others, such as state and local income tax deductions.
The upshot: While some filers will owe less or get a larger-than-expected refund, many others will be in the opposite camp, especially if they did not adjust their W-4 form that determines how much of their weekly income is withheld for taxes."
Tax preparers warn your refund may be smaller than usual this year. Here’s why
g5000
It appears you were correct.
overhaul, which has Block and the rest of the tax-preparation industry bracing for plenty of sour reactions now that tax filing season is about to start ahead of the April 15 deadline. They’re doing things such as extra customer education, employee training and even role-playing exercises to prepare for the financial mood swings ahead.
The bill represented the biggest change in the U.S. tax code since 1986, altering the tax situation for many of the 154 million people expected to file individual federal returns this year with the Internal Revenue Service.
The latest redo, among other things, lowered tax rates for many individual income levels and raised the standard deduction. But it also eliminated many deductions that people had itemized to lower their tax burden — such as union dues and the fees that tax preparers charge — and it placed caps on others, such as state and local income tax deductions.
The upshot: While some filers will owe less or get a larger-than-expected refund, many others will be in the opposite camp, especially if they did not adjust their W-4 form that determines how much of their weekly income is withheld for taxes."
Tax preparers warn your refund may be smaller than usual this year. Here’s why
g5000
It appears you were correct.