Tuesday, April 16, 2019

The End of Tax Season

Tax season ended yesterday, with the traditional April 15 deadline to file. Even though the tax code was changed this year, U.S. taxpayers’ 2018 tax liability was largely on par with their expectations, according to a study released yesterday by Janus Henderson Investors.

Asked in late March about the amounts they paid throughout the year and any outstanding liability or refund, 32 percent of the study participants said they had expected to pay more than they had in 2017. But only 30 percent actually incurred a larger tax bill than in the previous year.

The situation was a little different among the more affluent. Among respondents making $100,000 or more, 42 percent ended up paying more in 2018, whereas only 36 percent expected a larger bill. At the same time, 19 percent of these wealthier taxpayers paid less in 2018 - but 28 percent had expected their liability to be lower.

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