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Tax experts see significant change in people’s returns this tax season

WTAP News @ 5-Tax experts see significant chance in people's returns this season
Published: Apr. 18, 2022 at 5:33 PM EDT
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MARIETTA, Ohio (WTAP) - It is the last day people can turn in their federal taxes today.

Tax experts at Hall Financial Advisors say that they are seeing a significant change in people’s returns this year.

Not only have the finances group seen more people putting in their tax returns earlier in the year, but they are seeing people not getting a decrease in their returns as opposed to year’s past.

Hall Financial’s certified financial planner, Kevin Knab says that this is due to the stimulus check and the monthly child tax credits from last year.

“So, we’ve seen people getting a lower tax refund. That’s not to say that they’ve paid more in taxes, it’s just what the final check amount is. If you look at marginal tax rates to the total amount of taxes owed, there would not have been a single change in the dollar amount. But the refund amount may have been the last one they had to file,” says Knab.

Hall Financial Advisors say that if you are getting an extension on your tax filing, you should meet with a certified public accountant.

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