2019 Tax Refunds Are 16%<br />Lower Than Previous Year Although tax season has just begun,<br />early filers are already noticing a<br />significant decrease in refund amounts. According to the IRS, the average<br />refund amount of 2019 is $2,640,<br />while the average for 2018 was $3,169. While a 16.7% decrease may seem<br />like a bad thing, it is actually a positive. The 2018 Tax Cuts and Jobs Act made<br />changes to individual income tax. These changes eliminated the need for itemized deductions by reducing income tax rates and expanding standard deduction. Rather than receive large tax refunds<br />at the end of the year, people are receiving<br />more money in their paychecks. U.S. Representative<br />Kevin Brady, via CNBC Large refunds are indicative of<br />overpaying taxes throughout the year. As an employee, filling out a W-4 Form<br />allows you to mark down “personal allowances”<br />and adjust the income tax being withheld. U.S. Representative<br />Kevin Brady, via CNBC
