An increasing number of taxpayers are surprised about the impact of
tax reform on their 2018 refund
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Feb. 21, 2019--
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
Tax website and follow Liberty Tax on Twitter
View source version on businesswire.com: https://www.businesswire.com/news/home/20190221005241/en/
Source: Liberty Tax, Inc.
Director of Customer Experience