This tax season, many taxpayers received more money from their paychecks and less from their tax refund. Smaller refunds were a result of the new tax laws.
The IRS plans to release a new Form W-4 with updates that will help taxpayers estimate how much to withhold from their paychecks. The new form will ask for details on itemized deductions, tax credits, interest and dividend income, and total household income.
The IRS hopes to increase the chances of taxpayers reaching a break-even point.