KPBS Midday Edition

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

By Maureen Cavanaugh / KPBS Midday Edition Co-Host, Brooke Ruth / Senior Producer of Audio News

Published April 15, 2019 at 8:37 AM PDT

This story was published more than 5 years ago.

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.

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?

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?

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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.

KPBS Midday Edition

Maureen Cavanaugh

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Maureen Cavanaugh has been a familiar voice for KPBS listeners for more than 15 years, serving in a variety of capacities including announcer, host, and producer. As host of KPBS Midday Edition, Maureen has interviewed a wide range of notables, such as comedienne Sandra Bernhardt, actor John Lequizamo, author Chuck Palahniuk, composer Marvin Hamlisch, artist Robert Irwin, and designer Zandra Rhodes. But of all the interviews Maureen has conducted, her most special was with His Holiness, the Dalai Lama. Before joining KPBS in 1997, she worked as a news anchor for KSDO and KOGO News Radio in San Diego. While working for commercial radio stations in San Diego and in Salt Lake City, Utah, Maureen reported on both hard news and lifestyle features. Maureen has received three "Golden Mike" awards from the Radio and TV News Association of Southern California for economic reporting and breaking news. She has also received a "Best of Show" and “Best Radio Newscast” awards from the San Diego Press Club and the "Flo" Award from Public Radio Program Directors Association for Best Public Radio Announcer in a large market. Maureen is a native of Queens, New York, but after more than 20 years in San Diego she feels she qualifies as a real Southern Californian.

What do you want to hear host Jade Hindmon talk about on Midday?

Brooke Ruth

Brooke Ruth is the senior producer of Audio News. She previously served as a producer for "KPBS Midday Edition" and a web producer. Before joining KPBS, Brooke was a web editor for four newspapers and a local television station. She began her career in news at the Imperial Valley Press. She has also been part of the web teams at the Napa Valley Register, North County Times, and U-T San Diego. While pursuing her undergraduate degree at UCLA in psychology, she worked on the student newspaper, the Daily Bruin.

See stories by Brooke Ruth