MASON CITY, Iowa - Maybe you've already filed your taxes, or working on your return this year.
But you may be surprised on how much of a refund you'll get this year.
According to the IRS, the average refund among early filers was down more than 8%. The agency says the changes in the tax code as part of the Tax Cuts and Jobs Act, which changed tax rates, brackets and deductions, are the reason.
Camille Lee owns a small business in Mason City, and says the changes could have a big impact.
"I'm sure that we'll end up paying more this year. Typically because of how I run my business, and tax wise, we end up paying some because I'm self employed, but I'm sure it'll be higher this year. We're not looking forward to that."
She still has some questions about what all the changes entail.
"Last year, I think our deductions were fairly standard, but for this year, I'm wondering about that because we haven't figured things out yet."
The IRS also estimates that around 4.5 million fewer filers will receive refunds this year, and about the same amount of taxpayers are likely to owe more than they did in the past.
However, if you do receive a smaller refund this year, financial experts say there is a reason; because of adjustments made on money being withheld from employees' paychecks, take home pay may have increased for some Americans.
- Smaller tax refunds expected this year
- IRS warns tax preparers on refunds
- Tax refunds will be paid despite shutdown
- Warning of delayed income tax refunds already being pushed
- Drivers challenge Iowa's seizure of tax refunds for tickets
- Tax refund for back to school shopping in Minnesota
- Addressing classroom sizes: 'In the smaller grades, a smaller class size would probably be better'
- Iowa Lottery players would get refunds under $4.3M settlement
- Comcast/Xfinity to issue refunds to settle Minnesota lawsuit
- Whole Foods will ban plastic straws and offer smaller produce bags