Tax refunds could decrease in 2023

Taxpayers could see smaller tax refunds in 2023. The Internal Revenue Service says refunds could be smaller because taxpayers didn’t receive stimulus payments this tax year.

Tax refunds are based on taxable income calculated by subtracting itemized deductions from your gross income. The IRS is also warning taxpayers not to rely on receiving tax refunds by a certain date.

There will also be some major changes to tax deductions and credits for tax year 2022, to be filed this coming spring 2023, as many expanded benefits of the American Rescue Plan go away.

For further information visit the Internal Revenue Service online at irs.gov.

The deadline to file 2022 taxes will be Tuesday, April 18, 2023.