Personal Finance

Here are the winners and losers of the Trump tax cuts

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As taxpayers roll into the second tax-filing season under the Tax Cuts and Jobs Act, one question remains: “Will I come out ahead in 2019?”

The IRS began accepting 2019 tax returns on Jan. 27 and anticipates it will receive more than 150 million individual returns this year.

Thus far, the agency has delivered 4.3 million refunds to early-bird filers, distributing an average check of $1,869 to those households, according to IRS data for the week of Jan. 31.

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Resist the urge to use the refund to determine whether you’re ultimately benefitting from the 2018 tax overhaul. The check you get back from Uncle Sam only tells part of the story.

“The number of people who think they’re worse off versus those who are actually worse off is driven by this perception of whether the refund went up or down,” said Ed Zollars, CPA at Thomas Zollars & Lynch in Phoenix.

“I’m looking at returns, and I’ll say a majority of people saved on taxes, but I will not say that a majority of people saw their refunds go higher,” he said. “That’s where the disconnect is.”

Here’s who came out ahead and how to determine whether you’re a winner.

Lower rates, higher standard deduction

The Tax Cuts and Jobs Act trimmed individual tax rates overall, lowering the top rate to 37% from 39.6%.

Corporations also saw their levies fall, as…



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