Many tax benefits instituted during the pandemic have lapsed, which means some people could see smaller refunds.
The year 2021"was quite a remarkable year with the insertion of all those new tax breaks," Steber noted."But jump ahead to this year, and a lot of the increases expired, hence the term 'refund shock' or 'refund surprise.'"
And if you've suffered investment losses this year, consider selling one or more of those positions given that you can deduct up to $3,000 in losses against your earnings, lowering your taxable income. The government did not issue any stimulus checks issued in 2022, with the third and final payment authorized in the spring of 2021 through the American Rescue Plan Act.
But in 2022, that tax credit reverted to its pre-pandemic level of $2,000 per child, regardless of age. While that's certainly a help, that slimmer tax break could make an impact on parents' refunds. During the pandemic, the EITC was increased for a group of workers who typically don't benefit much from it: Adults without kids. In 2021, low-income workers without children were eligible to receive a credit worth up to $1,500. Low-income parents who qualify for the EITC will actually receive slightly higher amounts in 2022, as that figure is adjusted annually for inflation.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
This one great idea can make everyone better with money, older Americans sayLearning financial literacy isn’t—or shouldn’t be—difficult. Some of the basics include creating a budget, living within your means, setting aside something each month, using credit wisely, and having a diversified, long-term investment outlook.
Consulte Mais informação »
Utility Bills Rise as Americans Pay Off Storm-Recovery Costs for Decades to ComeCustomers will pay billions of dollars in fees arising from severe weather in recent years, as utility companies pass along extraordinary costs of energy and repairs
Consulte Mais informação »
Despite cooling US housing market, Florida still top spot for Americans looking to move: studyNearly a quarter of U.S. homebuyers are looking to move, according to a study from Redfin. States in the Sun Belt, such as Florida, are top destinations for the moves.
Consulte Mais informação »
PolitiFact - No, 1.1 million Americans did not die suddenly because of the COVID-19 vaccinesSocial media and blog posts falsely claim 1.1 million people “died suddenly” because of the COVID-19 vaccines. That’s based on a wrong interpretation of death data.
Consulte Mais informação »
Natural disasters are costing Americans billions in utility billsAn influx of natural disasters and rising storm-recovery costs means Americans will have to pay pricier utility bills for decades
Consulte Mais informação »
Dem lawmaker justifies swapping 'Merchant of Death' for Brittany Griner: 'He has not killed Americans'Rep. Sheila Jackson Lee, D-Texas, argued on MSNBC’s “The ReidOut” Friday that releasing Russian prisoner Viktor Bout was justified because he never killed any Americans.
Consulte Mais informação »