Tax Refunds: Why Your Refund May Be Less Than Last Year?

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Although the last date to file is April 18, but if you want to take further extension then you can request extension from IRS till mid-October.

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When will I receive my tax refund?

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Once you file your tax return and the IRS processes it, it should take no more than twenty-one days to see your refund.

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Why will tax refunds be lower this year?

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1. Allowed those claiming unemployment benefits to deduct $10,000 from income.

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2. Increased the value of the tax credit from $2,000 to $3,000/3,600.

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3. Provided three stimulus checks that could be claimed on one's tax return.

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When you file your 2022 return, none of these tax benefits will be available, which means you'll see a reduction in your refund.

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Tax Refunds: Why Your Refund May Be Less Than Last Year?

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