BAD NEWS: Your tax refund is probably going to get smaller

The first numbers from this year's tax filings are back and it's news no one wants to hear.

Americans on average are getting smaller refunds or owing more than expected with their 2018 returns.

This is the biggest change in tax law since the 1980s.

The changes you see in your refund are largely due to how your employees adjusted the amounts withheld from paychecks after the law changes.

At Diaz Financial Services, tax preparers are buried deep in paperwork.

Joseph Borunda files for more than 5,000 clients a year and this year, there are lots of frustrated people.

"They depend on it, a lot of times it's already spent. They owe it before they even get it," says Borunda.

This is the first tax season under the new Republican tax law.

And Americans are finding huge discrepancies with their returns.

Experts say it's because the government has been deducting less money from your paycheck every month.

"You were not told where it was coming from, so it was coming from your refund. So surprise, when you do your taxes, you are not ready for that," says Mayo Tablas of Mayo's Tax Service.

According to the IRS, the average refund is down 9 percent.

Tax preparers say some peoople are also paying more because personal exemptions and some deductions were cut or capped.

"For the people that do that long form, the itemized deductions, there were some employee unreimbursed expenses that were cut, a lot of people are getting hurt there," says Tablas.

There are several changes to the tax code that have been beneficial.

Standard deduction for filers nearly doubled.

There is also a higher child tax credit.

"It definitely has me explaining a whole lot more, people asking more questions," says Borunda.

Tax preparers say it's best to file earlier this year, so you aren't caught by surprise right before the April 15 deadline.

Experts say if you want a bigger payday next year, you'll have to adjust your paycheck withholdings now.