Are Tax Refunds Better This Year The end of several tax breaks this year might mean less money in your tax refund or worse a tax bill Tax Changes in 2023 Why Your Tax Refund Might Be Smaller This Year
Early tax refund checks sent by the IRS in 2023 have been 11 percent lower than those sent during this time in 2022 from 2 200 on average to 1 963 If you ve already filed your tax return this year you may have experienced the shock of receiving a smaller than usual tax refund IRS data so far this tax season shows the average refund has
Are Tax Refunds Better This Year
Are Tax Refunds Better This Year
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M any Americans will be getting a smaller tax refund this year as the tax credits offered as pandemic relief have reverted back to pre pandemic levels the Internal Revenue Service IRS is Published Jan 13 2023 Updated Jan 19 2023 With the expiration of more generous tax credits offered as pandemic relief many taxpayers could see significantly smaller refunds this year
But so far this year s average federal tax refund amount of 1 963 is almost 11 lower than refunds issued this same time last year Back then the average tax refund amount was 2 201 Should you expect a lower tax refund this year Here s what the IRS says Despite data showing refunds have been smaller thus far this tax season some might actually be larger than
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The 2023 date to file a tax return or an extension is Tuesday April 18 and ahead of the deadline the IRS says it s been paying refunds that are hundreds of dollars lower than last year That said the IRS releases data periodically throughout tax season and so far the average tax refund is trending lower 1 395 versus 1 963 at this time last year the IRS said in a press
Why Tax Refunds May Be Smaller in 2023 Getty Images During the 2020 and 2021 tax years the government allowed everyone to take a 300 tax deduction for cash gifts to charity even if they didn 1 23 Americans on average are receiving smaller tax refunds so far in 2024 The average refund issued through Feb 2 totaled 1 395 the IRS said in a release Last year at this time
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The end of several tax breaks this year might mean less money in your tax refund or worse a tax bill Tax Changes in 2023 Why Your Tax Refund Might Be Smaller This Year
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Are Tax Refunds Better This Year - Published Jan 13 2023 Updated Jan 19 2023 With the expiration of more generous tax credits offered as pandemic relief many taxpayers could see significantly smaller refunds this year
