In Year 1 of Tax Reform, H&R Block Chief Asks If You Withheld Enough
*By Chloe Aiello*
Between changes in the tax code and the government shutdown, H&R Block knows tax season will likely be stressful for many, but CEO Jeff Jones said a few simple steps can put taxpayers in control of their financial health.
"The thing that I'm most focused on now is refund size. And we know that not enough people this year changed their withholdings," Jones told Cheddar Tuesday.
This year marks the first tax season since President Trump's Tax Cuts and Jobs Act went into full effect and it [has implications for every taxpaying household](https://cheddar.com/videos/tax-filing-season-opens-as-irs-comes-back-to-massive-backlog). An estimated 73 percent of Americans should expect refunds, but about 21 percent ー or roughly 30 million Americansー will owe, according to [a report from the Government Accountability Office](https://www.gao.gov/assets/700/693582.pdf). That's up from about 18 percent the year before.
Jones said it's important to change the amount withheld from taxes to ensure you don't fall into that 21 percent.
"People think about taxes and they just think about their refund and their return. But you're actually in control of this, you can really impact the outcome," he said.
Another concern on the minds of many taxpayers is the government shutdown and how it might delay their returns. As tax season kicks off, the IRS is just returning to work after a 35-day shutdown that could very well pick back up after Feb. 15. While there really is no way to control whether the government shuts down again or not, Jones said the best way to ensure a speedy return is to file early ー and electronically.
"File early because you get earlier in the queue. We didn't really know yet exactly how the shutdown will impact processing," Jones said. "Make sure you're e-filing and make sure you do direct deposit, and all of those things are key to getting your refund faster."
In addition to his tax tips, Jones said [H&R Block ($HRB) is offering](https://www.hrblock.com/tax-center/newsroom/filing/tax-preparation-and-services/upfront-transparent-prices/) a few new products and services to facilitate an easier and more transparent tax filing experience. Upfront pricing uses artificial intelligence to inform customers about the price of services before the tax prep process begins and during the process if anything changes. A price preview feature offers the same for customers who choose to file on their own. The company is also offering new ways to file. Tax Pro Go gives clients access to a tax professional without coming into the office, and Tax Pro Review ensures a tax professional reviews the forms of do-it-yourself filers before submission. Customers can also just drop their forms off at an H&R Block location and have their tax filings prepared for them.
For full interview [click here](https://cheddar.com/videos/h-and-r-block-ceo-jeff-jones-helps-kick-off-tax-season).
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
