Robbed, although the tax reform law lowered tax rates for most taxpayers, it doubled the standard deduction and limited or discontinued many deductions. - The IRS has been warning filers all year to update their withholding to make sure they don't owe money. - For those who didn't, this upcoming tax filing season may come with a bill. - After the holiday season comes tax season, and for many taxpayers, that usually means a nice refund check from the IRS. - It's hugely important because a lot of people depend on that money and get it every year. - I try to save at least half of it for a rainy day. - This will be the first year that taxpayers file returns under the sweeping new tax laws. - I'm looking forward to it because of the new tax laws, and I'm looking forward to getting a better return than I got last year. - Gregg Normal is a certified public accountant on Chicago's North Side. - I expect that I will get a lot more calls as the filing deadline approaches from people who have tried to do their tax returns themselves and come up with a fairly ugly result. - Are you telling me I owe money due to the tax law? - Many taxpayers' withholdings went down, adding more money to their paychecks. So some taxpayers may receive a smaller refund or even have to pay Uncle Sam. - The median income in Cook County is about $54,000. - Morrell says a single filer with no itemized deductions and that income would see their tax refund drop by about $93 from their 2017 tax return. - For a married couple with that household income, their refund would be reduced by a hundred and six dollars. -...
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