HOUSTON — If you've been on social media lately you've probably noticed people complaining about their tax returns. So what gives?
Here are three things you need to know before filing this year.
First up, there was a major change in the tax law that President Trump signed back in December 2017. While middle class workers were told they would get money out of the deal, that was supposed to come in the form of pay raises from businesses and corporations seeing their taxes lowered.
The only problem? Only about 6 percent of companies gave pay raises.
Second, the new tax law also changed how your withholdings are calculated. That's the amount of money withheld per paycheck to pay your tax bill which explains why some of you are seeing smaller refunds or now owe the government money.
Finally, if you've done itemized deductions in the past it probably won't be worth it this year. The standard deductions have nearly doubled, so unless you have a lot of business expenses it probably wasn't worth saving all those receipts.