News from the IRS.
Welcome to the Know the Difference Minute for Tuesday, December 6th. 
Even though your tax person will tell you a refund is just a return of money you loaned the government interest-free, we still like them. Almost 75% of taxpayers received refunds last year with an average payout of over $3100. 
The IRS wants you to know that things will be different this year and to expect smaller refunds. For one, there were no stimulus payments in 2022. 
Many simply expect refunds. Nearly half of taxpayers said they relied on refunds to help build back savings or pay down debt. The concern is that without them, consumers turn to credit cards and loans. 
By the way, if you’re still waiting on last year’s refund—the IRS is working through a pile of 3.7 million returns. 2 million are paper returns, the rest had errors.
I’m Deanne Phillips from Annex Wealth Management.  That is your Know the Difference Minute.