Millions are likely to receive smaller tax refunds this year

Bad news for millions of Americans.

Many will receive significantly smaller tax refunds this year.

So far tax filers are receiving refunds that are 11% less this year.

Bad news for many Americans, as tax payers are likely to receive significantly smaller refunds this year than they did last year.

The Internal Revenue Service (IRS) is reporting that this year’s refunds are an average of 11% smaller than they were in 2022. This is largely due to the fact that there are fewer pandemic era stimulus programs.

Smaller tax refunds in 2023

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On a positive note, this year’s refunds are going out more quickly with 9 out of 10 payments being sent in just 21 days. One reason for the smaller refunds is that the Child Tax Credit and Earned Income Tax Credit are lower this year, according to La Opinión.

Similarly, it has been reported that millions of Americans could be hit with an additional tax bill because of how they filed last year. Find out which states will be affected.

Which states could make you pay for itemizing your 2021 taxes?

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Many will remember that some states did not tax stimulus checks.. This year some taxpayers in Georgia, Massachusetts, South Carolina and Virginia could have to pay more if they itemized their deductions and received a tax benefit last year, according to The Sun.

If you took the standard deduction or did not receive a tax benefit for your itemized deductions, you won’t owe any additional money.