The Associated Press reports that the average tax refund for taxpayers who have filed as of April 7 is down 9.3% compared to last year. The expiration of pandemic relief programs and high inflation are among the factors contributing to this decrease.
Currently, the average refund stands at over $2,800, a drop from more than $3,100 last year, representing a notable difference of nearly $300. Tax filing deadlines have been extended for areas affected by severe weather in California, Alabama, Georgia, New York, Tennessee, Arkansas, Mississippi, and Indiana.
For numerous families, tax refunds provide the most significant one-time financial boost of the year. The child tax credit, previously set at $3,600 per child, has reverted to $2,000 per child, while the maximum child and dependent care credit has been reduced to $2,100.
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