You should also be asking “Am I paying more or less under the new tax laws?”
We are seeing a reduction in IRS refunds this year. We are also seeing a reduction in total income taxes paid. The net result is taxpayers are keeping more of their income throughout the year. When we sit down with our clients and show a two or three year comparison, the savings is more apparent. Here are a couple articles with more details:
Your Tax Refund Might Be Smaller Than Usual This Year. Here’s Why
It’s About Your Total Tax Liability, Not Your Refund