If you’re anticipating a tax refund, you may be disappointed. The Associated Press reports that the average refund for taxpayers who have filed as of April 7 is 9.3% less than last year. Pandemic relief programs expiring and high inflation are among the reasons for this. The average refund is now $2,878, down from $3,175 last year, which is a significant difference of almost $300.
The tax deadline has been extended for areas affected by severe weather in California, Alabama, Georgia, New York, Tennessee, Arkansas, Mississippi, and Indiana. The child tax credit, which was previously $3,600 per child, is returning to $2,000 per child, while the child and dependent care credit maximum has been reduced to $2,100.