The federal government has made some changes to the tax law for the 2023 tax season. Take a look at some of the different changes below.
A lot of the credits that were available in 2020 and 2021 are no longer available.
If you need to file your taxes for a previous year, check out this IRS page. It has more information on why it may be beneficial to file past due taxes as soon as you can.
Some of the credits for past two years were in response to the COVID-19 Pandemic. This year a lot of those credits are going back to the limits they had in 2019 (pre-pandemic).
This means that taxpayers will likely receive a significantly smaller refund compared with the previous tax year.
Find out more about the changes to specific tax credits.
Unlike 2020 and 2021, there were no new stimulus payments for 2022 so you should not expect to get an additional payment in your 2023 tax refund.
If you still have questions or would like to schedule an your free tax prep appointment, call 211 or visit our friends the Miami Tax Pros