Your tax refund might be smaller than usual this year. Here's why

Blog posted On February 22, 2019

Each year, millions of tax filers eagerly await money back from the IRS. The majority of filers, in fact, walk away with refunds during tax season, and in recent years, the average refund has been rather substantial.

But if you're anticipating the usual windfall this year, you might want to adjust your expectations. So far, the average tax refund is coming in at $1,865, which represents an 8.4% drop from the $2,035 the IRS was dishing out to taxpayers the same time last year. Not only that, but the number of refunds issued declined by 24.3%. If you're expecting money back from the IRS, know that the sum you receive might be lower than usual -- and prepare accordingly.