Here's why your tax refund is less this year

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FLINT (WJRT) (02/11/19) -- The Internal Revenue Service says tax refunds so far this year are down on average by about 8 percent. That makes the average refund around $1,800 compared to a little more than $2,000 for last year.

If you already received your check, and it's less, you might be wondering why.

One of the main reasons is that the standard deduction increased and personal exemptions are no more.

"Personal exemption was $4,050 per person on your return, so say if you were married with two kids, you're losing over $16,000 in personal exemptions.

Marlena Curtis, a tax professional in Flint says those changes in the tax code are significant.

"Which in turn makes your taxable income higher, so your tax due is higher, which reduces your refund amount," she said.

Keep in mind too, this is the first full year President Trump's tax plan overhaul went into effect.

"I don't think people are educated on it at all just because it was such a major overhaul in a short amount of time."

Which is why Curtis says for filers to speak up when it come to tax time.

"Especially when you're going to a tax professional or CPA, you're hiring them to provide you a service, so if you have any questions, ask them."



 
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