Home > Everyone Speak Up., Financial Folder., You Need To Know! > WARNING, YOUR TAX REFUND MAY BE LESS NEXT YEAR.

WARNING, YOUR TAX REFUND MAY BE LESS NEXT YEAR.

Many tax refunds will be less next year? Yes.

And by how much you ask? It will be different for everybody and some may not be affected at all.

Am I one that will get less? Ask your tax advisor. Everyones situation is different.

Will I have to change anything this year to compensate for next year? If your advisor says you will get back less , than ask them if you should change your exemptions at work, so you will pay enough taxes this year to cover the shortage.

Why will some people be getting back less next year when they file their taxes? The stimulus tax cut that increased paychecks and gave a check to others on social security, did not compensate for certain conditions and some people received more than they were supposed to. So instead of making you repay them outright, they will be cutting your tax refunds next year by the amount you were overpaid.

How many people will this affect? Millions.

If people don’t plan ahead by paying more taxes from each paycheck, will it cause them to have to pay in next year? Those who normally owe taxes, break even or get back only a small amount every year, will probably end up paying something.

If people are having to deduct more taxes from their pay, how is that supposed to stimulate the economy? Everyone who received something will get to keep some of it, which will benefit the economy.

Did those on unemployment receive anything? They got a pay increase also but many are yet to see it.

Will they have to pay back some of it also? Ask your tax advisor. All unemployment is taxable so you should have taxes withheld from your checks anyway.

Will this hurt the economy next year if it isn’t much better by then? Yes, because the tax rebates will be less next year, and many who don’t plan ahead will get caught owing taxes, so they might end up having to borrow, money to pay them.

How could this happen? For this to happen, there were many people who make six figures that didn’t do their jobs very well.

Who do they work for? The Government.

Will they be reprimanded? This is yet to be seen.

Will it ever happen again? Probably.

Why? We don’t know.

Bankruptnooption.

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