The IRS sent a press statement on January 23, 2023, marking the beginning of tax filing season. This tax filing period, which runs between January and April 2023, is for your 2022 tax returns. You will provide information regarding the earnings you made the previous year, and you might get a refund.
IRS Issued Statement On Stimulus Check
The IRS issued a crucial caution on the effect of stimulus payments on the federal return you’ll submit this year in its news release. The IRS specifically said that because there were no government stimulus payments made last year, you might not get the full amount of your tax return. Since many people depend on their tax refunds to aid in debt repayment, account growth, or the achievement of other significant financial objectives, it is crucial to read and comprehend this IRS caution so that you are not taken by surprise.
Tax Rebate To Be Less
Your tax refund might be less than it was during the previous tax filing season for two main reasons, according to an IRS news release. According to an IRS news release, “many taxpayers may find their refunds substantially lower this year due to tax law changes including as the loss of the Advance Child Tax Credit and also no Recovery Rebate Credit this year to collect pandemic-related stimulus money.” The $1,400 check made possible by the American Rescue Plan Act was known as the Recovery Rebate Credit. The American Rescue Plan Act also increased the Child Tax Credit, giving parents $3,600 for kids under the age of six and $3,000 for kids between the ages of six and seventeen. These sums are applied to each child.
Millions of Americans received additional tax credits totaling thousands of dollars when they submitted their 2021 tax returns in 2022 as a result of these two stimulus payments. However, as none of these stimulus check programs was extended in 2022, if you grew accustomed to receiving that sizable refund due to the stimulus checks, you are most likely to be dissatisfied this year when you receive considerably less money from the IRS reports NASDAQ.
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