Your Tax Refund Could Be Smaller Than Last Year. Here’s Why…

NEW YORK (AP) — If you’re expecting a tax refund, it could be smaller than last year.

And with inflation still high, that money won’t go as far as it did a year ago.

The 90 million taxpayers who have filed as of March 31 got refunds that were an average of nearly 10% less than last year.

That’s in part due to pandemic relief programs expiring.

The filing deadline for most taxpayers is Tuesday.

According to the most recent IRS data, the average refund is $2,910, down from $3,226.

That’s a difference of more than $300.