Tax Season Is off to a Slow Start

Chicot Memorial

JACKSON, MS (Ben Caxton) — Tax season is off to a slow start this year and early filers are seeing smaller average refunds. The Internal Revenue Service says the average refund is down about 8 percent in the first full year of an overhauled tax code; refunds are averaging $1865 compared to $2035 for the 2017 tax year. The total number of returns received by the IRS also dropped for the week ending February 1st, from about 18 million returns at this point last year to 16 million so far in 2019. The new rules lowered most individual rates and nearly doubled the standard deduction. The legislation also included sweeping tax cuts for companies, lowering the corporate rate from 35 to 21 percent. Some workers saw a bump in their take-home pay after employers started using the new IRS income tax withholding tables.

 


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