Here’s Why Your Tax Return May Be A Lot Bigger This Year – New Hampshire, Maine, & Massachusetts Take Note

Now that we are the majority of the way through the month of January, we are officially entering tax season.

If you have not gotten your tax documents from your employer, you soon will.  The rules state that they must make that document available to you by January 31st.  And, of course, the deadline for filing your taxes is April 15th.

For most of us, tax prep if fairly easy.  This is especially true for those with few assets and only one job.  The more assets, depends, and income streams you have, the more complex things get.

There is good news for those who normally get a refund.

There is a decent chance that this year's refund could be a lot bigger than you were expecting.

According to an article on the CNN website, the average tax refund could be about $1,000 higher per household this year.

Yes, a comma you can smile at.

One reason?

A lot of people never changed their tax withholdings when recent tax breaks kicked in. So instead of seeing that money spread out during the year, it may be landing back in refunds now.

There’s also a bigger standard deduction in play. Congress raised it by $750 for single filers, bringing it to $15,750, and by $1,500 for married couples filing jointly, now $31,500.

On top of that, the law expands state and local tax deductions and adds a new tax break for some seniors.

Bottom line is that more people could see bigger refunds than last year.