VIRGINIA BEACH, Va.--(BUSINESS WIRE)--
An increasing number of taxpayers are surprised about the impact of tax reform on their 2018 refund
Liberty Tax, Inc. (OTC PINK: TAXA) said today that the Company is providing free guidance to taxpayers who have questions about how much they should withhold to pay their taxes in 2019.
With more than 3,000 offices across the country and online, Liberty Tax’s professionals have seen a marked increase in the number of taxpayers who ended 2018 with either a lower refund or who owe taxes – deviations from previous years.
Many taxpayers were unaware of the changes to withholding as a result of the recent tax reform act. To be of assistance, Liberty Tax advises taxpayers to visit a local office soon to get advice and update their W-4 withholdings early in 2019, so they have the opportunity to make the necessary changes early in the year.
“The professionals at Liberty Tax are ideally suited to help taxpayers navigate all the changes that have come from tax reform and to get them the best outcome,” Nicole Ossenfort, Liberty Tax CEO, said. “Taxpayers can really help themselves this year and in the future by seeking advice from professionals, like those at Liberty Tax, and by having their taxes prepared and filed as early as possible.”
In its second week of reporting, the IRS has shown a 8.7 percent decrease in the average 2018 tax refund. Last year, the average refund at this time was $2,135. This year the average, so far, is $1,949. While that doesn’t necessarily mean taxpayers are being taxed at a higher rate, it may simply may mean they are withholding less money each pay period, and thus have a bigger tax liability at the end of the year.
Liberty Tax supports taxpayers to help them determine what’s right for them. From a larger paycheck throughout the year, to a bigger refund, to a smaller tax bill at the end of the year, every taxpayer has the ability to choose their approach. During the tax preparation process, Liberty Tax professionals use our withholding calculator and other state-of-the-art tools to demonstrate to taxpayers the impact that changes to their Form W-4 will have on the amount of a projected refund.
“Taxpayers have expectations about their refund,” Ossenfort said. “We educate them about tax reform changes and layout the positive steps they can make going forward. We focus on the individual and provide valuable guidance that you can’t get everywhere.”
About Liberty Tax, Inc.
Founded in 1997, Liberty Tax, Inc. (OTC PINK: TAXA) is the parent company of Liberty Tax Service. Last year in the U.S. and Canada, Liberty Tax prepared approximately two million individual income tax returns in more than 3,500 offices and online. Liberty Tax's online services are available through Liberty Tax Online, eSmart Tax, and DIY Tax and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax supports local communities through fundraising and contributes as a national sponsor to many charitable causes. For more information, visit the Liberty Tax website and follow Liberty Tax on Twitter and Facebook.