Tax professionals have been warning that refunds could be smaller than expected if people didn't adjust their paycheck withholdings after the new tax law changes.
The amount withheld from your paycheck is determined by how many allowances you claim on your W-4 tax form. The more allowances you claim, the less money is withheld from your paycheck.
The federal government decides how much an allowance is worth. For the 2018 tax year, the Treasury Department tried to find an allowance value that improved withholding accuracy, so what you pay in taxes from your paycheck over the year is approximately the same as your total tax liability.
Getting a smaller refund doesn't mean you're paying more in total in taxes. In many cases, much of your tax savings showed up in each paycheck, which could result in a smaller refund.
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