Americans’ Tax Refunds Are 14 Percent Smaller This Year, Latest IRS Data Show
The latest IRS update on tax filing data shows that Americans’ tax refunds so far this year are considerably smaller than they were last year, something that both tax experts and the agency itself predicted.
As of Feb. 10, the average refund amount stood at $1,997, the latest IRS data show. That’s 14 percent lower than the average refund amount a year ago, which stood at $2,323.
Tax pros and the IRS itself warned Americans to expect smaller refunds this year.
“Differences should be easily explained by special rules that expired,” CPA Robert Persichitte of DeLAGify Financial told Forbes.
“One big reason for many is that much of the pandemic related relief programs for families and individuals are no longer available,” H&R Block explained in a blog post….