Looking Forward to Your Tax Refund?!?

As you prepare your tax return - you may see your refund will be much smaller than it was last year.The average tax refund this year is over 8% lower than last year, and many are much lower than that.

Douglas Hord of My Tax Guy in Houston remembers, “I had a couple who burst into tears with their disappointment. “

Hord says it's not really your taxes that have changed --- but what was withheld from your paychecks.“The IRS made the determination that they wanted withholdings to be much more accurate and closer to what the ultimate tax bill would be.”

People equate the size of their refund with how much they are being taxed.“The fact that you are getting your own money back, I don’t think occurs to many tax payers.”Hord says it's so you can have that extra money that would have been withheld put back into your paychecks --- and not held without interest paid by the federal government.In other words, refunds are smaller because you haven't been overpaying as much.

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