Many walking away with less on tax refunds

Local News

Many people in Central Illinois are not getting what they bargained for this tax season.

Tax professionals say many have high expectations but end up getting less money back. William Sharpe, President of Total Income Tax says the lower amount of taxes being paid is playing a role in how much you will see in your pocket. Also, if you had an increase in take home pay last year, it means a smaller tax refund this time around.

“For example, you’re getting one hundred dollars taken out per paycheck, based on your withholding, you may only get ninety dollars taken out of each paycheck. And thus, have your take home pay be a little bit bigger, and that was to compensate for the tax changes,” said Sharpe.

Representatives say despite getting less money back, some people are happy with having bigger paychecks. Students who received amounts of free money in the form of scholarships are likely to not get back any of that on their refunds.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Local News

More Local News