Tax refund may be smaller in 2023
The IRS article below explains how refunds in 2023 (for 2022 tax return filings) may be lower than the prior year. A few reasons for lower refunds include no 2022 additional stimulus payments, lower child tax credit, and dependent care credit amounts, plus the removal of the $300/$600 charitable deduction regardless of if you itemize deductions.
The IRS also reminds taxpayers not to rely on receiving a refund by a certain date, as some returns may require review and take longer to process. Plus, the IRS is strengthening security reviews to protect against fraudulent filings.
If you have any questions about how this may impact your return, please contact your tax advisor.