ROANOKE, Va. – Monday is the first day of the 2023 tax filing season and experts say that filing early is more important than ever.
That’s because of several changes the IRS has made for 2022 tax returns including lowering tax credits, meaning some people will be getting less money back in their tax returns this year.
For example, the Child Tax Credit went from $3,600 to pre-pandemic levels at $2,000.
Tammy Trenta, the founder and CEO of Family Financial, LLC, said one of the biggest mistakes she sees her clients make is excluding major changes in their tax returns, like buying or selling a house.
“If you think about any meaningful things that occurred, any sales that you made during the year, that will definitely impact your taxes. You want to make sure you’ve provided all that information,” said Trenta.
Trenta said there are also new tax credits people may be eligible for in the Secure Act 2.0 like home renovations and student loan payments.