Tax season officially starts Monday
SAVANNAH, Ga. (WTOC) - Tax season officially starts Monday with it being the first day the IRS is accepting tax returns.
Savannah CPA Neville Stein says that this tax season, things are mostly business as usual.
He said that parents, however, do need to be on the lookout for one major change.
“No more Mr. Nice Guy. For the COVID years, 20 and 21, the child tax credit was 3,000 for a child under 17. That’s reduced to 2,000,” Neville Stein said.
That doesn’t necessarily mean that parents will get less money back this year, however.
Stein ran several mock tax returns for a family of four people.
One was making 60,000 a year, one making 80,000, and one making 120,000.
“In each of the ‘22 returns, they seemed to get a little more back. A couple of thousand back more.”
Stein says when you will get that money depends on when you file.
The IRS has seen delays processing returns over the last few years- so keep that in mind when deciding when to file.
“They are battling to kind of find their feet to pre-COVID levels of service, so given that, I would file earlier rather than later if you’re waiting for that refund.”
Because of a holiday weekend, the deadline to file your taxes this year is Tuesday, April 18 not April 15.
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