If you're expecting a tax refund, it could be smaller than last year. And with inflation still high, that money won’t go as far as it did a year ago.
? It could be smaller than last year. And with inflation still high, that money won't go as far as it did a year ago.
"We know that working families in general are the most cash-strapped," she said, adding that the expanded earned income tax and child tax credits during the COVID pandemic provided a lot of benefits for families with children. "Overall it does make the situation a bit more tenuous," said Zhou. "It is nice to have at the end of the year — tax season — for when there are gaps to be made up for in the budget."
"What I do think is definitely significant is the fact that other costs have gone up," Rossman said. "It’s bad enough that this is taking 10% off your tax refund, but on top of that, your groceries might be up, and rent, and gas prices. This is money that a lot of people really count on every year." Alaina, who sells her work online, has been self-employed since she lost her job in the healthcare sector in 2021. She said she hasn't yet filed her taxes this year but that last year she and her husband, who is unemployed, received about $3,600 after filing jointly.
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