As tax day approaches, accountants say your refund may be lower than you’re expecting. Our consumer team found out why, and they also have advice for you if you can’t afford your tax bill.
As tax day approaches, accountants say your refund may be lower than you're expecting. Our consumer team found out why, and they also have advice for you if you can't afford your tax bill.
Tax day is just a couple of weeks away. And Rob Seltzer, a certified public accountant, says there are a few reasons why your tax refund may be smaller than you expect this year. If you received a stimulus or child tax credit payment, Seltzer says that will probably reduce your refund. Unemployment benefits likely will, too. That's because last year, the first $10,000 of unemployment benefits weren't taxable; this year that perk is gone.
"So if you received unemployment benefits in 2020, your refund was probably greater than you expected because that wasn't taxable. That's not going to happen in 2021," said Seltzer.
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