You may receive a smaller tax refund in 2023 — here's why

(WWLP/Nexstar) — Taxpayers may need to prepare for smaller tax refunds in 2023. According to the Internal Revenue Service, refunds could be smaller because taxpayers didn't receive stimulus payments this tax year.

As explained by CNBC, your refund is based on taxable income calculated by subtracting itemized deductions from your gross income. The IRS is also warning taxpayers not to rely on receiving their tax refunds by a certain date, "especially when making major purchases or paying bills."

If you want your refund faster, you should electronically file an error-free return and request your payment via direct deposit, the IRS says.