As pandemic-era programs expire, some tax credits are dropping significantly.
Some tax credits that boosted refund bottom lines since 2020 are returning to 2019 levels.It’s highly likely your tax refund will be smaller in 2023, the Internal Revenue Service is warning, as pandemic-era programs continue to expire.
“Refunds may be smaller in 2023. Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022. In addition, taxpayers who don’t itemize and take the standard deduction, won’t be able to deduct their charitable contributions,” the IRS said in a statement.
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