Find out about the changes that the IRS made for this 2023 tax season.
We would like to bring better news, but the reality is different. As a result of the economic crisis and the current high inflation, significant changes have been made. Taxpayers may receive lower refunds since there is no new stimulus and the tax credits that were extended during the pandemic returned to their normal level.
The credits that were extended by the US bailout law helped people in 2020 and 2021, but by 2023 they will no longer apply. This means that taxpayers with minor dependents, who received $3,600 last year for children under 6 years of age, in this tax period will only be able to claim up to $2,000 for the child tax credit. Another modification is the adjustment to the marginal rates that taxpayers use according to their income, known in English as ‘tax bracket’, which are based on the income and marital status of the taxpayer. For married people, it was an increase of $800, increasing to $25,900. For singles or ‘head of household’ there is also modification. For single or married individuals filing separately, the deduction increased from $400 to $2,950 and for individuals filing head of households, the deduction is $19,400, an increase of $600 from the prior year.
The deadline for this year to submit your taxes will be April 18. At FREEDOM GES we will assist you with everything you need to declare your taxes properly and avoid any penalties. CALL TODAY to schedule your virtual appointment at 1-561-877-1373.
This information was taken from the IRS office page.
FREEDOM GES
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