KNOXVILLE, Tenn. (WVLT)- By now you've (hopefully) filed your taxes or an extension. This year, many taxpayers are upset to find out they actually owed money instead of getting a check. It all goes back to the overhaul of the tax code.
Jill Schlesinger, a money expert with CBS, said it's likely you got more money back in your paycheck.
"So, if you got a smaller refund you may have missed the point that you got it early."
A higher standard deduction means many taxpayers no longer needed to itemize their deductions. If you do itemize and live in a state with a high tax, deductions are now limited.
"If you're in a high tax state ... your deductions for state and local taxes were limited to $10,000 ."
You can make preparations now to prepare for next year. "You want to see what was withheld from your checks and you get that from your tax documents," said Schlesinger. "Tell your employer to send back more money so you don't have to write a big check. On the opposite, if you're getting a really big refund you might want to fix the withholding the other way. When you get a refund, I know people think it's for savings, but you've just extended an interest-free loan to Uncle Sam for the year."