Procrastinators may find what early filers already know: Tax year 2022 is not producing as many happy returns as in previous years due to a number of changes, including the expiration of some pandemic-era tax breaks.
People are also reading… For the 63 million people who had already filed their tax returns as of March 10, the average refund is down 11% to $2,972, according to the latest IRS data.“The people that want to get it done right away are the ones that expect that refund, and they want to get that money back,” Rahill said. “If they don’t expect a big refund, there’s no urgency to file.”
Child and dependent care expensesAn American Rescue Plan increase on the maximum amount of care expenses you’re allowed to claim for a child or dependent also expired in 2022, dropping the maximum credit from $8,000 to $3,000 per person.
Used EVs must be at least two years old and cost $25,000 or less to qualify for the $4,000 tax credit. Income limits are $75,000 for individuals and up to $150,000 for joint filers.
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