Did you receive a smaller tax refund this year than you did last year?
Were you shocked to find you owed the IRS money versus receiving a refund, even though nothing changed from last year?
There’s a reason for that.
Tax preparers say this was expected as this is the first year people are filing taxes that reflect changes made by President Trump’s 2017 tax law.
In some cases less money was withheld from paychecks, which means more taxable income.
The Internal Revenue Service says it’s disbursed more than $206 billion in refunds through March 29.
That’s down nearly 3 percent from the same period last year.
The IRS has also issued fewer refunds and processed fewer returns as well.
More than 79 percent of processed returns have received a refund this year.