You may receive a smaller tax refund in 2023 — here’s why

You may receive a smaller tax refund in 2023 — here’s why

(WWLP/Nexstar) — Taxpayers may need to prepare for smaller tax refunds in 2023. According to the Internal Revenue Service, refunds could be smaller because taxpayers didn’t receive stimulus payments this tax year.
As explained by CNBC, your refund is based on taxable income calculated by subtracting itemized deductions from your gross income. The IRS is also warning taxpayers not to rely on…

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