IRS Says Many Americans Can Expect Smaller Tax Refund In 2023
The Internal Revenue Service (IRS) has cautioned that many taxpayers should expect a smaller refund this tax season because of tax law changes including the expiration of pandemic-related stimulus payments that would otherwise have boosted refund balances.
“Due to tax law changes such as the elimination of the Advance Child Tax Credit and no Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year,” the IRS said in a press release on Jan. 23, the day the agency began tax returns for 2022 earnings.
While not all tax filers will see lower refunds as individual circumstances vary, many will see smaller checks….