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Your Money: Owe The IRS Money This Year? How Not To Next Year

This photo made on Wednesday, Feb. 13, 2019, in Zelienople, Pa., shows 1040 t...

Credit: AP Photo/Keith Srakocic

Above: This photo made on Wednesday, Feb. 13, 2019, in Zelienople, Pa., shows 1040 tax forms printed from the Internal Revenue Service web page that are used for 2018 U.S. federal tax returns.

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Many taxpayers may be shocked to discover that their reliable federal tax refund isn’t that reliable this year. It's too late to change much on this year’s taxes, but what about next years?

Aired: April 15, 2019 | Transcript

Today is the day for last-minute taxpayers to scramble to submit their tax returns. Many people may be shocked to discover that their reliable federal tax refund isn’t that reliable this year.

People used to getting money back from the IRS may not, and they might even owe the government instead. That’s because it's the first tax year since the Tax Cuts and Jobs Act went into effect. The act increased the amount of the standard deduction, but set limits for some of the deductions commonly used by taxpayers who itemize. That includes the mortgage interest rate deduction and the state and local tax deductions.

It's too late to change much on this year’s taxes, but what about next years?

Paul Lim, financial planner with the The Wealth Consulting Group and adviser with the San Diego Financial Literacy Center, discusses tips for adjusting withholdings, maxing out retirement contributions and utilizing your health savings account on KPBS Midday Edition Monday.

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