If you are concerned because your refund is lower than what you expected, here are some reasons.
- Tax withholding was less than the previous year after a change of jobs or a change of payroll companies at the same job.
- Income increase computes your tax from a higher tax bracket.
- Income increase or decrease affects a tax credit or deduction.
- A change in number of dependents.
- The age or income of a dependent affects a tax credit or deduction.
- Not qualifying for a tax credit.
- Self-employment income generates a self-employment tax as well as income taxes.
Have you input all of your tax documents? Many tax documents are not required to be issued until January 31.
You may want to review this.
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