It’s that time of year again where most American’s are filing their tax returns hoping to cash in on a big return.

However, according to CNN many people who've been doing their taxes and usually get refunds are realizing they may be getting a smaller return than normal this year or they may ever owe the IRS money because of the Republican-led tax overhaul that was passed in December 2017.

In released data from the IRS on Friday (February 8th) it showed the average refund for individuals who filed taxes already is down 8%, with the average refund totaling $1,862 to $2,035 for the 2017 tax year.

In addition to the big cut in the corporate tax rate to 21 percent from 35 percent, the changes made in the tax overhaul have lowered most individual tax rates and nearly doubled the standard deduction, while it eliminated many other deductions.

People might see smaller refunds because of the elimination of those deductions, or if you didn't adjust their paycheck withholding after the changes took effect.

If you experienced a significant change in your tax return let us know!