Getting ready to file that  2022 tax return? Look for changes! The bad news is, we may see a smaller federal tax refund due to expired credits.

We didn’t receive stimulus checks, so no credits for that.

Families, look for possible changes in your child tax credits and dependent care deductions.

The child tax credit was up to $3,000 or $3,600 last year (depending on the age of your child). It is now $2,000 per child.

You could also receive the new 1099-K form if you had transactions over $600, that were made thru Venmo or Paypal.

Here is the good news. Tax brackets, because of high inflation are changing. They actually are up about 7%, so if your pay didn’t change you might go down in a tax bracket. Standard deductions for singles went up by $900  while married couples can expect $1,800.

Look for also changes to both taxes and deductions in charitable donations,  estates, savings accounts, and more.

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