Many Americans will be getting a smaller tax refund this year, without the padding of a few crucial pandemic-era tax breaks, the IRS warns.
Many people depend on their refunds to make ends meet, pay down debt or fund extras like vacations. And checks are shrinking at a time when rising prices are already making it harder to pay the bills.
The average tax refund in 2022 was $3,039, a 7.5% increase from the previous year. Now, things are headed back down to Earth as pandemic-era policies expire.