It's tax season. And the 2017 Tax Cut and Jobs Act passed by President Trump and a Republican-led Congress is finally in full effect.
Many Americans will look to their refund to see if they got a tax cut. This legislation is seen as highly partisan but the biggest impact individual taxpayers see may come from a nonpartisan government agency, the IRS. This tax law changed many Americans' tax brackets and so the IRS changed witholding --or how much money is taken from every paycheck. So if you did get a tax cut, you probably already saw it in a bigger paychecks and come this April, that fat refund check might be a little slimmer.
What are you tax questions?
Submit them below and we'll try to answer them on The Exchange on Tuesday, March 5th at 9 a.m. Where do you stand with your refund? Are you expecting a big refund check? Or have you been noticing a little more in each paycheck throughout 2018? What else in the new tax code is impacting you this filing season? The higher standard deduction? Change in your tax bracket?
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