Most U.S. taxpayers owe less to the IRS this year under the new tax law, but the average refund is also smaller.
Most Americans have a smaller total federal income tax bill for 2018 than they did in previous years, thanks to the tax law passed by Congress in 2017. But thanks to changing instructions from the IRS on how to withhold tax, many people will see smaller refunds or may even owe money when they file their tax returns.