Taxpayers are accustomed to receiving big refunds after filing, but experts warn that with new laws more people could end up owing the IRS. Veuer’s Justin Kircher has the details. Buzz60
Tax refunds are coming in smaller versus last year, the Internal Revenue Service reported.
The average tax refund issued so far fell to $1,865, down 8.4 percent from $2,035 at the same time last year, according to IRS statistics. The number of refunds issued also dropped by 24.3 percent.
Overall, the number of returns the agency has processed so far is off 25.8 percent versus the same time last year. The IRS has also received 12.4 percent fewer returns from taxpayers. The earliest taxpayers could file returns was Jan. 28. In most states, the last day you can file is April 15.
“We have said people will be surprised,…
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