Smaller refunds so far this tax season — but that really doesn't say much about tax cuts

Employers likely did a more accurate job of withholding, says CPA

Chris Miller
February 12, 2019 - 8:54 am

Taxpayers are reporting smaller refunds this year, the first year of filing returns under the new tax laws. 

So does that mean the new tax laws are a bust? Hardly, says local CPA Mike Miccio.

"You just paid too much in and you got a lot back," Miccio explained. "It doesn't really have anything to do with your actual tax bill."

Miccio says the smaller refunds show the government did something right -- getting the withholding tables to more accurately reflect what people owe throughout the year.

"Employers were withholding less, therefore, reducing your refund," Miccio explained. "I think it's too early to tell if the overall taxes are going down."

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