Tax season is officially underway, and a significant change to the US tax code is causing more stress than usual among taxpayers this year.
According to a new survey from online tax preparation company TaxSlayer, 57% of Americans are not confident about their understanding of the tax code. The survey was taken before the new law was finalized, but while alterations were in progress on Capitol Hill.
The new law changes a lot about the way payers file, from eliminating exemptions and deductions for individuals to substantially increasing the standard deduction.
Therefore, it may be more difficult than usual for taxpayers to navigate their finances this year. Consulting an expert or service could help quell some other concerns considering that 49% of taxpayers feel that they are paying too much in taxes, while just 36% thought they were paying the right amount.