Brian’s Tax Musings – IRS says people filing earlier and getting smaller refunds

In this post by Mary Ann Milbourn in the Orange County Register, people are filing early but getting back a smaller refund:

http://economy.ocregister.com/2012/04/09/irs-tax-refunds-drop-this-year/107186/

I have noticed the trend of earlier filing in my practice this year, and the lower refunds can be traced to many different factors - more unemployment without withholding, some tax credits expiring, people lowering withholding to get more money in their paychecks.  I wish there was data to see what percentage of people have been efiling this year vs paper filing (I bet it is higher since all preparers who file more than 10 tax returns are supposed to efile unless the taxpayer elects to opt out or there is a reason not to efile).

Remember, You can count on us to count for you! 

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