HATTIESBURG, MS (WDAM) - The Internal Revenue Service said the average income tax refund is now trending above last year’s level.
“It was a complete federal tax reform that was implemented at the end of 2017," said Jim Gremn, director of investor relations at Raanes Capital Advisors. “And so 2018 was the first year we saw that take off. Really anyone that’s making any type of income in any area, it’s going to impact their rates.”
So what does this mean for people here in the Pine Belt?
“There is a lower tax bracket for everyone now," Gremn said. “So people in tax ranges, it lowered for just about anyone. Usually here in Mississippi, statisically, we have lower tax brackets in general. We probably saw people pay fewer federal taxes across the board.”
Gremn explained why some people may not be getting as much of a tax refund this year.
“It’s probably because you withheld taxes the exact same way as previous years and you didn’t adjust appropriately," Gremn said. "Each check you probably got was more than in previous years, because you didn’t put as many taxes in.”
If you have questions about your tax return, Gremn encourages you to consult your Certified Public Accountant. The deadline to file your taxes is April 15.