Many Americans Are Not Expecting Tax Refunds This Year

Tax Refund

Tax day for most of the USA taxpayers has been the day to receive new funds. However, the Taxes Survey done by the GOBankingRates 2023 reveales this year, many American households probably will not get any tax refunds.

Well, The IRS has already said that even though the amounts will reduce, taxpayers will get refunds upon filing their taxes. So, where does this new information comes from? The survey says that there are some reasons behind their deduction.

How Many Americans Will Not Get These Tax Refunds:

The Taxes Survey of GOBankingRates has polled 1002 Americans on this subject of filing taxes. When asked by the surveyors about how much tax refunds they are expecting to receive, many of them said that they don’t expect any tax refunds this year. Almost 18% of the participants said that they don’t expect these refunds.

Also, when asked if they expect their refunds to increase than the last year, almost 37% of other respondents said that they expect lesser amount than what they received in the previous years.

Why This Tax Refunds Got Smaller?

Well, people who have already filed their taxes may know that there are reasons why so many of the taxfilers are expecting a small refund. Delagify Financial’s CFA and CPA, Robert Persichitte said that this sudden reduction of the tax refunds may have some connection to the generous provision in the time of COVID-19.

Another CPA of Miller & Co., LLP, Paul Miller has also connected the lesser amount of refunds to stimulus check payments from last year. He said that the taxpayers are not going to get any additional stimulus check payments with this year’s refund.