{"id":305,"date":"2018-12-17T20:06:27","date_gmt":"2018-12-17T20:06:27","guid":{"rendered":"http:\/\/ziprefund.com\/blog\/?p=305"},"modified":"2018-12-17T20:06:29","modified_gmt":"2018-12-17T20:06:29","slug":"2019-tax-refunds-will-be-26-higher-morgan-stanley-says","status":"publish","type":"post","link":"https:\/\/ziprefund.com\/blog\/index.php\/2019-tax-refunds-will-be-26-higher-morgan-stanley-says\/","title":{"rendered":"2019 Tax Refunds Will Be 26% Higher, Morgan Stanley Says"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Odds are you\u2019re paying too high a tax bill today. The good news, though, is that means you could see a notably higher refund next year.<\/p>\n\n\n\n

A research note from\u00a0Morgan Stanley<\/a>\u00a0estimates 2019 refunds will top this year\u2019s by 26%, working out to an extra $62 billion given back by the Internal Revenue Service.<\/p>\n\n\n\n

Payroll taxes are where people have been overpaying, says the investment firm, as most haven\u2019t\u00a0changed their withholding<\/a>. Combine that with the GOP\u2019s tax bill, which was passed last December and it increases the odds of a nice refund.<\/p>\n\n\n\n

The bulk of the refunds,says Morgan Stanley, will be sent in February. And that could have some positive effects for the economy.<\/p>\n\n\n\n

\u201cWe expect this boost in tax refunds to result in a sharply higher savings rate and elevated sales of big-ticket items in February and March 2019,\u201d the firm wrote.<\/p>\n\n\n\n

The bulk of people getting refunds\u2014some 65%\u2014tucked them into savings<\/a>\u00a0this year, according to a Morgan Stanley survey.Meanwhile, 35% paid down debt and 12% splurged on a vacation, while 8% made a major purchase, such as a car or TV, with the refund.<\/p>\n\n\n\n

The average refund as ofthe end of April 2018,\u00a0according to the IRS<\/a>, was $2,771, which was just 0.2% bigger than the 2017 totals. (The good news was they were\u00a0sent out to people quicker<\/a>\u00a0this year.)<\/p>\n\n\n\n

Better news? Your chances of an IRS tax audit in 2018 are the\u00a0lowest in 15 years<\/a>, as the branch has lost close to one-third of its enforcement staff since 2010. That\u2019s\u00a0not expected to change<\/a>\u00a0next year.<\/p>\n\n\n\n

From: fortune.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Odds are you\u2019re paying too high a tax bill today. The good news, though, is that means you could see a notably higher refund next year. A research note from\u00a0Morgan Stanley\u00a0estimates 2019 refunds will top this year\u2019s by 26%, working out to an extra $62 billion given back by the Internal Revenue Service. Payroll taxes … <\/p>\n

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