Experts provide advice after Denver woman learns she owes $8K in taxes

Money
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
Data pix.

DENVER -- A Denver woman is sharing her story about owing the government more than $8,000 in taxes even though she received a refund last year.

Isadora Bielsky has done her own taxes for years. When she saw she owed $8,000, she thought she did something wrong.

"I go back, I check all the numbers. Nope! That's real. We owe more than $8,000 and I started to cry," said Bielsky.

Last year, she received a $3,600 refund.

Bielsky says she used the IRS's recommended withholdings. However, those recommendations failed to recognize a new cap on local and state deductions. The changes came as part of President Donald Trump's new tax law.

The FOX31 Problem Solvers went to get answers from Kristina Kesselring, an accounting professor at Metropolitan State University of Denver.

"People are curious why [their] refund is lower than last year. That was due to shift in tax brackets," said Kesselring.

Kesselring says many people simply did not withhold enough from their paychecks and are now paying the price.

Bielsky is now working with with an accountant. It's what Kesselring recommends people in similar situations do.

Kesselring suggests people talk to a tax professional, be aware of what's being withheld and consult with an accountant often.

MSU Denver is hosting free tax preparation.

Most Read

Top Stories

More Home Page Top Stories