Many people depend on their refunds to make ends meet, pay down debt or fund extras like vacations. And checks are shrinking at a time when rising prices are already making it harder to pay the bills.in 2022 was $3,039, a 7.5% increase from the previous year. Now, things are headed back down to Earth as pandemic-era policies expire.
The enhanced child tax credit is gone. Parents who received $3,600 per child during the flush times will now get $2,000. The Child and Dependent Care Credit, a break that helps working parents pay for childcare, returns to a maximum of $2,100 instead of $8,000. During COVID, taxpayers could take a $600 deduction for charitable donations even if they just took a standard deduction. Now, only those who itemize can deduct charitable payments.🚙 If you bought an electric vehicleBut there's a catch: Vehicles purchased on or after August 16, 2022, must have been assembled in North America to qualify. Returns are due on April 18 this year, because the 15th falls on a weekend and because of the Emancipation Day holiday in Washington, D.C.
Electronic filers should expect expect to receive their refund, via direct deposit, within three weeks, the IRS said.
You should never depend on your refund. You don’t want a big refund. Why would you give the government an interest free loan all year? That’s a bad financial strategy.
Possibly once we stopped being energy independent, and then cut off future development of the petrol industry, the price of energy began (and continues) to rise causing inflation across the board.
Because of Trump's tax reform?
oohhh dear dont let them take my taxes away
you should never want a big tax return. why give the government an interest free loan with your money?
That doesn't mean anything amounting to an alarm. It could be that those Americans simply didn't overpay as much as before. Perhaps they realized that it is best to owe nothing, or be owed anything, at the end of the tax year.
Taxation is theft
I don’t itemize deductions any longer, but the loss of the pandemic-related tax break for charitable contributions made a bit of a difference for me. The good news is, my main savings account made a lot more in interest this year. The bad news is, it increased my tax bracket. 🤷🏻♀️
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