If you’re planning on filing your taxes…the IRS says there’s some information you need to know.
Mark Meredith is in Washington with a closer look.
It’s tax season.
The time of year when millions of us find out if we owe Uncle Sam money…or get a refund check.
But the IRS says this year is different, “There are a number of sweeping changes that were made with tax reform.”
Matt Leas is the IRS’s chief spokesperson. He says because of the new tax law more of us will likely will use “the standard deduction”…instead of itemizing. “If they used to itemize, they may not have to anymore, and its simplified the tax system quite a bit”
But a government report from July says more taxpayers will owe the IRS money this year compared to last.
The GAO estimates because of changes in the tax tables, 30 million people may not have had enough money withheld from their paychecks. That’s three million more people than before tax reform.
Leas says that could cause some filers who expected a refund, to get the bad news that they owe Uncle Sam. “It’s very important to continue to check your withholding to make sure your tax situation is where you want to be.”
If you are getting a refund this year, the IRS says you should get your money back fairly quickly.
It expects to issue 90% percent of refunds within 21 days.
However, the IRS says stay tuned…it’s still not sure how badly the recent government shutdown impacted its operations.
In Washington, I’m Mark Meredith.