CHICOPEE, Mass. (WWLP) – Tax payers may need to prepare for smaller tax refunds in 2023. According to CNBC the refunds will be smaller because tax payers did not receive a stimulus payment this year.
CNBC says your refund is based on taxable income calculated by subtracting itemized deductions from your gross income. Additionally refunds will be distributed late this year and tax payers should not expect their check by a certain date.
If you want your refund faster you should electronically file an error-free return and request your payment via direct deposit.