The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Why your tax refund might be smaller this year

Whether it’s contributing to a college fund, fixing a hole in the roof or just funding a vacation, millions of Americans depend on their tax refund every year. For some, it’s more than just extra money towards luxuries. It can be necessary to keep up with mortgage payments or repay debts. If your tax refund unexpectedly dropped, it could devastate your financial plans.

Sadly, this year many people are facing such an ordeal. IRS reports through this month show an average tax refund decrease of over 15 percent, compared to last year’s tax returns. Some people may even owe thousands of dollars they were unprepared to pay.

What causes the decrease

It’s impossible to discuss the changes in tax returns without looking at the 2018 tax reform that just went into effect. One of the most understandable causes of lower tax refunds is this: employers withheld less tax money from most peoples’ paychecks. As a result, some tax payers may have a lower refund this year. Others, who normally receive refunds, may find that they actually owe money this year.

What to do about it

If you had big plans for your tax return, it can be challenging to face a different outcome. It’s too late now to change what was withheld last year, but it is possible to have your employer withhold more going forward.

In addition, filing sooner rather than later will give you more time to thoroughly examine your taxes and get the most money you can. Instead of choosing the standard reduction, consider itemizing your expenses. This could lead to a bigger refund.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
Atlanta Office Location

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