Tax season starts today
Today is the first day you can file your taxes
MADISON, Wis. — Today is the first day you can file your taxes. This is the second tax filing season under President Donald Trump’s tax law.
Many people were frustrated with their returns last year because they were smaller, Dan O’Brien an accounting instructor at Madison College told News 3 Now. O’Brien said if people didn’t adjust their withholding since then they are highly likely to get a similar outcome to last year.
The results could be even more pronounced because the post-Trump tax law withholding guidance was in effect for more of 2019 than 2018, but having a smaller refund isn’t necessarily a bad thing for individuals.
“When the IRS holds on to your money for a whole year and gives you the money on the 15th, they’ve in essence used your money for a year and a half and they don’t give you any interest,” O’Brien said. “What I suggest to tax payers, if they have a large refund, it’s time for them to redo their W4, right now they’ve changed their W4 forms so it can be more accurate so you won’t have as much withheld and you might have a smaller refund but you can use the dollars quicker
Taxes within each bracket have gone down two to three percent, O’Brien said. The first tax bracket was ten percent that stayed the same, but every other bracket it has gone down for example the second tier was at 15 percent now it’s at 12.