Publication 5330 the new tax cut law will impact your tax return Form 2022-2023

Publication 5330 the new tax cut law will impact your 2022-2023 tax return Form: What You Should Know

The income method of accounting is now used.

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Instructions and Help about Publication 5330 the new tax cut law will impact your 2022-2023 tax return

A tax cuts and Jobs Act as amended is passed last year Congress enacted the biggest tax overhaul in a generation by making modest tax cuts for the middle class and slashing corporate tax rates President Trump said the overhaul would bring big economic benefits to the country well now that Americans are filing their tax returns for the first time under the new law how the changes will they actually see here's what it means for your personal finances in four minutes or less under the new law 80% of Americans are expected to pay fewer taxes in 2023 according to the Tax Policy Center that means many Americans are getting more money in their paychecks but many filers will see smaller refunds than they did the previous year in fact IRS data shows total tax amounts refunded are down from tax year 2023 here's personal finance expert Lynette Calif Ani Cox to explain how that's the case in 2023 the big change that happened is that the withholding tables changed and so for most people they actually did have less taxes taken out so they had bigger paychecks the problem though is that it was a relatively small amount for some people it was like 20 bucks 50 bucks maybe every single pay period so it wasn't particularly noticeable so when people heard that they were getting a tax break they thought that their tax refund checks would go up but that's not actually how it works the reality is that fewer taxes were taken out of their paycheck over the course of the year and so that in effect was the refund that they received getting less of a refund is actually a good thing if you get a refund you paid too much in taxes to...