Tax season is here, and experts say that filing early is more important than ever.
The IRS has made several changes for the 2022 returns, which include lowering tax credits.
That means some people will be getting less money back on the federal side.
For example, we are done with stimulus payments and other benefits from the pandemic.
Also, the child tax credit went from 3,600 dollars to pre-pandemic levels of 2,000.
Michelle Bower with Kemble Tax Service said that parents will really see the change in refund payouts.
“So overall, refunds are a little bit lower especially if you have kids. There were advanced child tax credit payments last year during year that people got monthly. Those are gone,” Bower said. “They have kind of just lowered things all across the board.”
Even though federal tax returns will be lower, the stateside will be a little higher. The governor passed a bill over the summer that doubled Virginia’s standard deduction