Taxpayers may notice a smaller refund as filing deadline approaches

SOUTH BEND, Ind. - If you have not filed your taxes yet, you have a little over 24 hours before your federal and state taxes are due.

Tax experts ABC57 talked to say you may see a smaller refund than you're used to.

"So when you are filing your taxes you want to find a good tax professional who knows how to find the credits, the deductions because all of those are very important," said Hezekiah Calleros, a tax consultant with CFG Tax Service.   

Millions of taxpayers can face penalties and interest if they fail to file their tax return before the deadline, which is just before midnight on Tuesday. This also includes state taxes here in Indiana and Michigan.

If you owe taxes this year, it's important to submit them before the deadline to avoid any interest payments.  

"The IRS charges an interest per month on the amount that you owe," said Calleros.  

If you have already filed, you may have noticed your refund is a little smaller this year. 

"Refunds of $10,000, $8,000 to $10,000, $15,000 refunds and now this year they’re looking at it and it’s about 2,000 dollars," Calleros said.    

The reason for a smaller refund is that the child tax credit is being lessened from $3,600 dollars to $2,000 per child in addition to federal stimulus checks being done away with. 

"Go to somebody who will know what to deduct, how much you know that you’ll need of income for loans student loans and everything in that matter, mortgages, car loans, all of those things matter especially during tax season," said Calleros.