Many Americans will be getting a smaller tax refund this year, without the padding of a few crucial pandemic-era tax breaks, the IRS warns.
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.
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