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.


This page requires Javascript.

Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

kAm(9J *@F $9@F=5 s@ 2 |:5J62C %2I r964<FAk^Am

kAm%96 E2I AC6A2C2E:@? 4@>A2?J y24<D@? w6H:EE H2?ED J@F E@ 5@ 2 >:5J62C E2I 4964<FA E@ AC6A2C6 7@C FA4@>:?8 E2I 492?86D E92E 4@F=5 >2<6 J@FC C67F?5 D>2==6C 😕 a_ab]k^Am

kAmQ(9:=6 >@DE A6@A=6 5@?VE E9:?< 23@FE E96:C E2I6D F?E:= E96 6?5 @7 E96 J62C[ yF=J 😀 E96 A6C764E E:>6 E@ >2<6 2 >:5J62C E2IA=2??:?8 2AA@:?E>6?E[ 6DA64:2==J E9:D J62C[ H96? >2?J E2IA2J6CD 2C6 2E C:D< @7 6IA6C:6?4:?8 C67F?5 D9@4<[Q D2:5 y24<D@? w6H:EEVD 49:67 E2I :?7@C>2E:@? @77:46C |2C< $E636C k2 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HDC6=62D6D^;24<D@?96H:EEH2C?DE2IA2J6CDE96J>:89E6IA6C:6?46C67F?5D9@4<7@Ca_aaE2IC6EFC?Db_`dgcaef]9E>=Q C6=lQ7@==@HQm:? 2 AC6DD C6=62D6k^2m]k^Am

kAmy24<D@? w6H:EE 6IA=2:?D E92E 2 >:5J62C E2I 4964<FA 4@F=5 96=A E2IA2J6CD H:E9 72>:=J 2?5 6>A=@J>6?E 492?86D >2<6 ?646DD2CJ 25;FDE>6?ED ?@H E@ >66E E96:C E2I C67F?5 6IA64E2E:@?D]k^Am

kAmQx7 E2IA2J6CD 2C6 D66:?8 E96J >:89E 92G6 2 D>2==6C C67F?5 E92? E96J 6IA64E @C 6G6? 2 32=2?46 5F6[ E96C6 😀 DE:== E:>6 E@ E2<6 24E:@?] %92E 4@F=5 >62? 2?JE9:?8 7C@> :?4C62D:?8 E2I H:E99@=5:?8D 7@C E96 32=2?46 @7 E96 J62C[ E@ :?4C62D:?8 4@?EC:3FE:@?D E@ BF2=:7:65 C6E:C6>6?E A=2?D[ E@ >2?J @E96C DEC2E68:6D[Q $E636C D2:5]k^Am

kAmr92?86D 😕 E96 ?F>36C @7 56A6?56?ED[ 6>A=@J>6?E @C D6=76>A=@J>6?E :?4@>6 2?5 5:G@C46[ 2>@?8 @E96C 724E@CD[ H:== 27764E J@FC E2I7:=:?8 DE2EFD 2?5 C67F?5 7@C a_ab] p?5[ 255:E:@?2==J[ y24<D@? w6H:EE D2JD J@F D9@F=5 2=D@ AC6A2C6 7@C 492?86D E92E H:== :>A24E J@FC E2I 4C65:ED[ 565F4E:@?D 2?5 A2J>6?ED]k^Am

kAmc %2I r92?86D %92E r@F=5 |2<6 *@FC #67F?5 $>2==6Ck^Am

kAmy24<D@? w6H:EE 42==D E2IA2J6C 2EE6?E:@? DA64:7:42==J E@ 7@FC 492?86D E92E 😕 D@>6 42D6D 4@F=5 >62? 86EE:?8 9F?5C65D @7 5@==2CD =6DD 😕 A2J>6?ED[ 4C65:ED 2?5 565F4E:@?D 7@C J@FC a_ab E2I C67F?5]k^Am

kAm}@ 255:E:@?2= DE:>F=FD A2J>6?ED] %2I C67F?5D H6C6 3@@DE65 5FC:?8 r~’xs H:E9 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^:?D:89ED^4@C@?2G:CFDE9:C5DE:>F=FD4964<DQ C6=lQ7@==@HQmE9C66 C@F?5D @7 DE:>F=FD 4964<Dk^2m[ 2=D@ <?@H? 2D 64@?@>:4 :>A24E A2J>6?ED @C C64@G6CJ C632E6 4C65:ED] u@C E96 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^7:?2?4:2=25G:D@C^4@C@?2G:CFDDE:>F=FD4964<42=4F=2E@CQ C6=lQ7@==@HQmE9:C5 DE:>F=FD 4964<k^2m[ 6=:8:3=6 E2IA2J6CD H6C6 23=6 E@ 86E FA E@ S`[c__ 7@C :?5:G:5F2=D WSa[g__ 7@C 4@FA=6DX] ~G6C2==[ E96 7656C2= 8@G6C?>6?E >256 5:C64E A2J>6?ED E@ :?5:G:5F2=D k2 9C67lQ9EEADi^^HHH]82@]8@G^AC@5F4ED^82@aa`_e_ccQ C6=lQ7@==@HQm255:?8 FA E@ Shb` 3:==:@?k^2m] qFE F?=:<6 a_a_ 2?5 a_a`[ =68:D=2E@CD 92G6 ?@E AC@A@D65 2?J ?6H DE:>F=FD 4964<D 7@C a_aa] $@ E2IA2J6CD D9@F=5 ?@E 6IA64E E@ 86E 2? 255:E:@?2= A2J>6?E 😕 E96:C a_ab E2I C67F?5]k^Am

kAm!C6r~’xs E2I 4C65:ED] $6G6C2= E2I 4C65:ED[ :?4=F5:?8 E96 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^2==23@FE49:=5E2I4C65:EDQ C6=lQ7@==@HQmr9:=5 %2I rC65:E Wr%rXk^2m[ E96 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^62C?65:?4@>6E2I4C65:EQ C6=lQ7@==@HQmt2C?65 x?4@>6 %2I rC65:E Wtx%rXk^2m 2?5 E96 s6A6?56?E r2C6 rC65:E H:== C6G6CE 324< E@ AC6r~’xs =6G6=D] %9:D >62?D E92E E2IA2J6CD H:== 7246 DF3DE2?E:2= 4FED H96? 4@>A2C65 H:E9 E96 AC6G:@FD E2I J62C] u@C 2 4@>A2C:D@?[ E9@D6 H9@ 8@E Sb[e__ A6C 56A6?56?E 😕 a_a` 7@C E96 r%r H:== 86E Sa[___ 7@C E96 a_aa E2I J62C] $:>:=2C=J[ 6=:8:3=6 E2IA2J6CD H:E9 ?@ 49:=5C6? H9@ C646:G65 C@F89=J S`[d__ 😕 a_a` H:== ?@H 86E Sd__ 😕 a_aa] p?5 E96 s6A6?56?E r2C6 rC65:E H:== 8@ 324< 5@H? E@ 2 >2I:>F> @7 Sa[`__ 😕 a_aa 7C@> Sg[___ 😕 a_a`]k^Am

kAm%2IA2J6CD D9@F=5 2=D@ ?@E6 E92E 286 2?5 :?4@>6 =:>:ED H:== C6G6CE E@ AC6r~’xs C6BF:C6>6?ED[ H9:49 >62?D E92E =6DD A6@A=6 H:== 36 6=:8:3=6]k^Am

kAm}@ 23@G6E96=:?6 492C:E23=6 565F4E:@?D] sFC:?8 r~’xs[ E2IA2J6CD H6C6 23=6 E@ k2 9C67lQ9EEADi^^HHH]:CD]8@G^23@FE:CD^E96:CD6?4@FC286DE2IA2J6CDE@4@?D:56C492C:E23=64@?EC:3FE:@?DQ C6=lQ7@==@HQmE2<6 FA E@ 2 Se__ 492C:E23=6 5@?2E:@? E2I 565F4E:@?k^2m @? E96:C E2I C6EFC?D] w@H6G6C[ 😕 a_aa[ E9:D 565F4E:@? H:== C6G6CE 324< E@ AC6r~’xs CF=6D[ H9:49 H:== ?@E 2==@H E9@D6 H9@ E2<6 2 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^DE2?52C5565F4E:@?Q C6=lQ7@==@HQmDE2?52C5 565F4E:@?k^2m E@ >2<6 2? k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^E2I6D^:E6>:K6E2I6DF?56CE96?6HE2IA=2?Q C6=lQ7@==@HQm23@G6E96=:?6 565F4E:@?k^2m 7@C 492C:E23=6 5@?2E:@?D]k^Am

kAm%2I C6A@CE:?8 7@C E9:C5 A2CEJ A2J>6?ED 23@G6 Se__] x7 J@F FD6 E9:C5 A2CEJ A2J>6?E 2AAD =:<6 pAA=6 !2J[ !2J!2=[ ‘6?>@ 2?5 +6==6[ E96 x#$ H:== C6BF:C6 😕 a_aa E92E k2 9C67lQ9EEADi^^HHH]:CD]8@G^A2J>6?ED^86?6C2=72BD@??6HA2J>6?E42C5C6A@CE:?8C6BF:C6>6?EDQ C6=lQ7@==@HQm:?4@>6 @G6C Se__ 2??F2==J 86E C6A@CE65k^2m @? 2== E2I C6EFC?D] p?5 E9:D >62?D E92E E2IA2J6CD >2J 92G6 E@ A2J E2I6D @? E92E :?4@>6]k^Am

kAmq@EE@> {:?6k^Am

kAm*@F 42? 2G@:5 2 C67F?5 D9@4< 😕 a_ab 3J 5@:?8 2 >:5J62C E2I 4964<FA ?@H] %9:D H:== 2==@H J@F E@ :?4C62D6 E2I H:E99@=5:?8D[ C2:D6 C6E:C6>6?E A=2? 4@?EC:3FE:@?D 2?5 >2<6 @E96C ?646DD2CJ 25;FDE>6?ED E@ =@H6C A@E6?E:2= E2I 3:==D 2?5 86E 4=@D6C E@ J@FC E2I C67F?5 6IA64E2E:@?D]k^Am

kAm%2I !=2??:?8 %:ADk^Am

kF=mk=:mp k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^C6E:C6>6?E^7:?527:?2?4:2=A=2??6CnFE>0D@FC46lDJ?5:42E:@?0p!U2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lD>20072=40C6=6G2?EU2>AjFE>04@?E6?El>:5J62CE2I4964<FAQ C6=lQ7@==@HQm7:?2?4:2= 25G:D@Ck^2m 4@F=5 96=A J@F @AE:>:K6 J@FC E2I DEC2E68J E@ =@H6C J@FC E2I 3:==] k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^C6E:C6>6?E^7:?527:?2?4:2=A=2??6CnFE>0D@FC46lDJ?5:42E:@?0p!U2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lD>20072=40C6=6G2?EU2>AjFE>04@?E6?El>:5J62CE2I4964<FAQ C6=lQ7@==@HQm$>2CEpDD6EVD 7C66 E@@=k^2m >2E496D J@F H:E9 FA E@ E9C66 7:?2?4:2= 25G:D@CD H9@ D6CG6 J@FC 2C62[ 2?5 J@F 42? :?E6CG:6H J@FC 25G:D@C >2E496D 2E ?@ 4@DE E@ 564:56 H9:49 @?6 😀 C:89E 7@C J@F] x7 J@FVC6 C625J E@ 7:?5 2? 25G:D@C H9@ 42? 96=A J@F 249:6G6 J@FC 7:?2?4:2= 8@2=D[ k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^C6E:C6>6?E^7:?527:?2?4:2=A=2??6CnFE>0D@FC46lDJ?5:42E:@?0p!U2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lD>20072=40C6=6G2?EU2>AjFE>04@?E6?El>:5J62CE2I4964<FAQ C6=lQ7@==@HQm86E DE2CE65 ?@Hk^2m]k^=:mk=:mx7 J@FVC6 =@@<:?8 7@C DA64:7:4 >:5J62C >@G6D E@ 4FE J@FC E2I 3:==[ 2 7:?2?4:2= 25G:D@C k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^7:?2?4:2=25G:D@C^2D<2?25G:D@CH:E99@=5E2I6D>:5J62CQ C6=lQ7@==@HQmC64@>>6?5D E96D6 7@FC 24E:@?Dk^2m]k^=:mk=:mp?5[ :7 J@F ;FDE C646:G65 J@FC a_aa C67F?5[ 96C6 2C6 k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^7:?2?4:2=25G:D@C^:?G6DEJ@FCE2IC67F?5Q C6=lQ7@==@HQm7:G6 D>2CE :?G6DE>6?EDk^2m E@ >2<6 J@FC C67F?5 >@?6J H@C< 7@C J@F]k^=:mk^F=m

kAm!9@E@ 4C65:Ei ©:$E@4<^3=24<rp%[ ©:$E@4<^x?D:56 rC62E:G6 w@FD6[ ©:$E@4<^4232?:2k^Am

kAm%96 A@DE k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^3=@8^E2I6D^>:5J62CE2I4964<FA^Q C6=lQ7@==@HQm%2IA2J6CD q6H2C6i *@FC a_ab %2I #67F?5 r@F=5 q6 $>2==6C] w6C6 pC6 c #62D@?D (9Jk^2m 2AA62C65 7:CDE @? k2 9C67lQ9EEADi^^D>2CE2DD6E]4@>^3=@8Q C6=lQ7@==@HQm$>2CEpDD6E q=@8k^2m]k^Am

For copyright information, check with the distributor of this item, SmartAsset.