Why Is My Federal Refund Smaller This Year But that boon may be smaller this year in part due to the expiration of some tax break enhancements that were in effect the previous tax year
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 Published February 22 2023 For months the IRS has warned taxpayers that federal income tax refunds could be somewhat lower this year As of February 3 the IRS had
Why Is My Federal Refund Smaller This Year
Why Is My Federal Refund Smaller This Year
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Refunds may be smaller in 2023 shared the IRS in a press release They also noted that taxpayers shouldn t count on receiving their refund by a certain date Your 2022 refund may be smaller because there were less generous tax breaks after pandemic relief expired experts say The average tax refund is 10 4
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 Pete Ryan for Money Americans got large tax refunds last year which surely paid for some spring shopping sprees but you might want to temper your
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Many of the pandemic tax benefits from the past few years like the expanded child tax credit temporary expansions to the child and dependent care credit and federal stimulus payments ended It s no surprise that refunds are smaller as federal stimulus checks have gone away along with other pandemic related policies If you do have a refund coming the IRS says payments
By Katelyn Washington published 3 minutes ago According to recently released IRS data the average tax refund was only 1 395 as of Feb 2 At that same You may receive a lower refund because there was no stimulus payment in 2022 and there s a less generous tax deduction for charitable gifts the IRS said 10 000
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But that boon may be smaller this year in part due to the expiration of some tax break enhancements that were in effect the previous tax year
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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
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Why Is My Federal Refund Smaller This Year - Jan 31 2023 at 12 17 p m 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
