Time to catch up on taxes; Pros take your calls Tuesday
Stimulus payments are long gone, and three other tax credits that got pumped up to help families struggling during the pandemic have all fallen back to their regular levels this year, and not everyone is ready for the change.
Some will notice most when they file their 2022 taxes.
Arthur Bartlett, co-director of the North Carolina Low Income Taxpayer Clinic, said, "Those enhanced benefits will be missed by Americans. They're going to see a reduction in the amount of refunds they're getting."
- In the 2021 tax year, the Enhanced Child Tax Credit was $3,600. For 2022, it's $2,000.
- The Earned Income Tax Credit is down nearly $1,000, maxing out at $560.
- The Child and Dependent Care Credit that was up to $8,000 in 2021 returns to a max of $2,100.
Bartlett says lower refunds many not be the only thing that taxpaers notice.
"There's going to be increased collection activity," he said, because the IRS is also getting back to more-normal operations and going after outstanding tax bills.
"It's a good time for people who have balances for prior years to start thinking about taking care of those balances," he said.
To help you maximize your return or to figure out a tax problem that's confusing you, call WRAL 5 On Your Side's Tax Pros On Call Tuesday from 4 to 7 p.m. to talk to a tax expert.
