We’re only in the second week of tax season — and some filers are already in for a nasty surprise from the IRS. Although the 2018 filing season only started on January 28, some early filers are finding out they either owe the IRS or they’ll be getting a smaller-than-expected refund. Anthony “Antdog” Quiroz, a taxpayer and Indio resident says, what he received this year after filing is far from what he was expecting. Like many Americans, he was excited about filing taxes this year, but he quickly realized he wasn’t going to get the 10% tax break President Trump promised the middle class.
“I was like, wait a minute, check that number again. Are you sure? I was like, no seriously, are you sure that what I’m….I was like okay, well you’re the tax preparer not me.”
He was in shock that he was getting less than he received last year.
“Because now I have dependents that I didn’t have before and I made a whole lot less than what I made the previous year so it didn’t make any sense. If I didn’t have any dependents I would have owed.”
However, this year there were things he couldn’t claim on his taxes and now he’s left feeling disappointed with the government.
“Basically cheated. I did what I was supposed to and now I’m getting cheated out of that money.”
He also adds that frugal spending will be the newest habit he picks up this year.
“So it’ll cut some extra spending that we would do, that we would hold back on just in case we have to pay back Uncle Sam.”
Major changes from the new law include the end of personal exemptions, the doubling of the standard deduction, and reduced individual income tax rates. These withholding tables are guidelines that your employer follows in order to deduct the right amount of income tax from your paycheck. Withhold too much, and you get a refund in the following year — but you’ve given the government an interest-free loan. If you fail to withhold enough taxes, you’ll see more cash in your paycheck in the immediate term, but you’ll owe the IRS the following year.Now Anthony’s biggest concern is what’s going to happen next tax season, and whether or not he will will truly have a tax break.