What Happened To My Tax Refund?
If you received a big Income Tax refund last year and you're expecting one this year you may want to "think again".
The IRS reported last week that the average refund received during the first week of February was about 8% less than last year.
Roughly 80% of taxpayers did indeed end up owing less in taxes as a result of the Tax Cuts and Jobs Act, said Nicole Kaeding, director of federal projects at the Tax Policy Center, a nonpartisan research group. Only about 5% of people will end up paying more, she said.
In other words: “You’ve been receiving the tax cuts every two weeks” for the past year, said Kaeding—even if your refund ended up being lower in the end.
Many self-employed taxpayers and "freelancers" may in-fact see their refund increase slightly. Money.com has a more in-depth review of the issue.
The good news is that you have had your money to spend all year instead of giving an Interest free loan to the Federal government.