Taxpayers Beware: Your 2023 Tax Refund Could Be Smaller. Here Are 4 Reasons Why | Ap

The IRS says that the average tax refund for returns filed in 2022 is $3,039. This is an increase of 7.5% when compared with 2021, which averaged $2,827. But for taxpayers expecting to get the same sizable refund next year, Jackson Hewitt urges them to do a midyear tax checkup to prepare for upcoming changes. Let’s take a look at what a midyear tax checkup can do for you and four reasons why your tax refund in 2023 could be smaller.

If you want to optimize your tax strategy, a financial advisor could help you lower your tax liability.

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