Audioburst Search

Here's when you can expect your tax refund

Automatic TRANSCRIPT

Have you done your taxes yet filing seasons been underway for about three weeks and Bloomberg's Laura Davison has looked at the numbers so far laurel what did you find when it comes to re funds what the last year is that fewer people are getting refunds compared to last year at this time just about two weeks and the filing filing fees and the thing about the same number of people file their returns the average size of the return is about the same it's just under two thousand dollars but just fewer people are getting those checks which would indicate that our people are not having as much withheld from their paychecks throughout the year so there are not eligible for a refund contact I'm guessing that's probably a shock to a lot of people when they see that bottom line all the tax form a change that we thought starting about last year is with the with the twenty seventeen tax law that changed a bunch of different things that size of some credit the the way he added that the formula essentially for money to be withheld from paychecks all the things that many people did get a tax cut as a result of that law but they just didn't see it in the form of a larger viewfinder they got that tax cut you know in terms of getting you know fifty or sixty or seventy dollars every paycheck rather than getting a big check at the end of the year and talk a little bit more about that because I mean if the money is coming in it's just not coming in one big lump sum in the spring time yeah exactly could it be a treasury department sort of adjusted the withholding people because that's what they call them and so while a lot of people you know father tax rate go down on they may be eligible for larger deductions or look at a larger child tax credit they didn't get it at the end of the year basically what that what that the treasury department as they have did a calculation that you know kind of put a little bit more in people's paychecks throughout the year the people who used to get a refund several thousand dollars are now finding that maybe they get a very small recon just a couple hundred dollars or the fact that they that they actually a little bit of money at the end of the year which is what economists say that you should be you shouldn't want to that because that means you're getting there your money to the government and interest free loan throughout the year but people really like refined different custom to it and using that as sort of a saving tool to that in the spring have a chunk of money to pay down the debt with the car another big purchase with the changes we've seen in the tax laws Laura in the past few years is it a good idea to go in and look and see exactly what is being taken out and maybe a dress that number or you can go in with your employer anytime actually starting this year is a brand new W. for form that that form that you fill out used to have all these exemptions you have to put zero one kind of complicated the iris is a new version of that form out this January if you're starting a new job will automatically be given a form to fill out but even if you're staying in the same role you can go into the H. R. department update this form and that should more closely get you where you want to be and you can kind of adjusting okay I want a refund if you could fill out you can get that or if they have one at come close to you you basically close to zero attacks and not knowing anything not getting re signed the form can also help you do that thanks to Bloomberg tax reporter Laura

Coming up next