Research estimates over 1.5 million Louisiana residents to be owed tax refund
Tax season is here, and for some, that means tax refunds. According to research by financial technology company SmartAsset, just over 1.5 million taxpayers in the state will be owed a refund, with the average being right around $3,300. VP of Financial Education at SmartAsset AJ Smith said refunds are based on allowances and how much someone is claiming throughout the year
"Basically how much the IRS is holding back from you, how much the government is holding back from you throughout the year, will impact whether or not you get money, owe money, or are whole at tax time," said Smith.
Smith said the research results present taxpayers with a better idea of how their tax money is to be handled.
"We're hoping people seeing this study gets people thinking, 'Where do I fit in on this? Have I been getting refunds in the last couple of years? Am I happy getting refunds? Am I using that money to meet my financial goals. Or can I maybe make some changes?'" said Smith.
Smith said you may be losing out on opportunities to make money on the money that is being withheld. If you want to make adjustments to your withholdings, you should speak with someone in HR at your job.
"Take a look at your W-4 form and make sure that you are claiming the correct allowance that you want to be withheld throughout the year," said Smith.