Americans may receive a smaller tax refund in 2023 — here's why

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American taxpayers should prepare for smaller tax refunds in 2023 due to a lack of stimulus payments sent out last year.

The Internal Revenue Service released information encouraging taxpayers to take simple steps to file their 2022 federal tax returns. The organization said taxpayers will not receive an additional stimulus payment with the 2023 tax refund because there were no Economic Impact Payments for 2022.The 2023 tax refund is based upon a person's taxable income calculated by subtracting itemized deductions from gross income.

The IRS warned taxpayers not to plan on receiving their tax refunds by a certain date,"especially when making major purchases or paying bills," as some returns may require additional review.

 

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People from 2021 still waiting on their returns. 😂 what a crooked administration. The worst.

😂

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