The Tax Refund Issue That Has Everyone Freaked Out!

Some early tax filers have received an unexpected result - their refunds have gone down.

NBC News reports that filers often - incorrectly - equate their tax refund with their tax liability.

While the Tax Cuts and Jobs act reduced the amount of taxes withheld from paychecks for a number of workers , it also revamped the tax code that we all use to file our tax returns.

Some filers have been shocked to see reduced refunds and have taken to social media claiming that their taxes were increased when what really happened is they simply didn't receive the same deductions as in years prior which resulted in large refunds. The same thing happened to me. Normally I get back about $3,000 a year. This year was going to be $250. Why? Because last year I paid almost $11,000 LESS IN FEDERAL TAXES which I am totally fine with. Just compare your taxes from 2018 against that of 2017 and you'll see the difference.

Other things to know below.

This is where it all started in 2017

 

Here we are in the NOW.

 
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