Philadelphia, PA -- (SBWIRE) -- 04/15/2019 -- As the top-rated provider of accounting and bookkeeping services throughout the Philadelphia region, Brennan and Company CPA, PC is committed to helping their clients prepare accurate tax returns and minimize their tax bills. Now, the organization is advising on why many taxpayers are experiencing smaller tax refunds this year.
As a result of the Tax Cuts and Jobs Act, there were changes that took effect this year and impacted the tax returns for many Americans across the country. Through reduced withholding, there have been incremental increases in the paychecks of a majority of taxpayers. However, this resulted in a smaller tax refund for most of them.
These smaller refunds have caught many U.S. citizens off guard, especially families with children under the age of 17. Because many taxpayers rely on their tax refund as a built-in means of saving money or paying down debt, this has been an unexpected financial hardship.
As a result of the smaller tax refunds, it's predicted that many industries will be affected, namely retail sales. Families tend to splurge on big-ticket items after they receive their tax refunds like cars, appliances, and furniture, but a reduced return can hamper those spending habits. So even though total tax bills may not be higher this year, it could still have a far-reaching economic impact.
Any individuals who have questions about how the Tax Cuts and Job Act may have affected their tax refund, or for bookkeeping help for small businesses in Philadelphia, call Brennan and Company CPA, PC at 215-951-5585 or visit https://brennanandcompanycpa.com/.
About Brennan & Company CPA, PC
Providing accounting, attestation, and tax services for small businesses through Southeastern Pennsylvania since 1996, Brennan & Company CPA, PC is committed to helping clients effectively manage their finances. With a risk-averse approach to financial decisions, the company offers responsible tax guidance and direction, all with a dedication to integrity, security, and privacy.
For more information on Brennan & Company CPA, PC, please visit http://brennanandcompanycpa.com/.