Your tax refund can change from year to year for a variety of reasons. If this year's refund is less than it was last year, the most likely culprit is a change in income. If you started a new job or a new business you might owe more in taxes than you expected. If your income hasn't changed, then you most likely lost certain tax deductions or credits. Your tax refund will decrease if your child is no longer a dependent or they’re too old for you to claim the child tax credit. If you didn’t have health insurance last year, you’ll have to pay a penalty, which further reduces your refund. If last year's tax refund doesn't seem right, double check with your HR department to make sure this year's withholding information is accurate. When it comes to paying taxes, it’s important to minimize surprises by planning ahead.
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