Many Americans rely on tax refunds to pay bills and save for retirement, but next year's checks could be significantly smaller than in previous years.
In a November press release, the IRS revealed that taxpayers may see less money back in 2023, as there were no stimulus checks in 2022, and those who do not itemize and instead take the standard deduction will be unable to deduct their charitable contributions.
Generally, taxpayers receive a federal refund when they've overpaid yearly taxes or withheld more than the amount owed. The average refund for the 2022 filing season was $3,176 as of October 28, per the IRS — an almost 14% increase from $2,791 in 2021.
Your Tax Refund Could Be Smaller Next Year, IRS Warns — Here's Why
- by: Amanda Breen
- 12-06-2022
- Source:
Entrepreneur
- 12/06/2022
burned 100 US dollar banknotes by Jp Valery is licensed under Unsplash unsplash.com
burned 100 US dollar banknotes by Jp Valery is licensed under Unsplash unsplash.com
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