Be prepared to see less from your tax returns in 2023. CBS News Business Analyst Jill Schlesinger tells KMOX's Total Information AM, the average tax refund will likely drop because of the end of many COVID relief measures.
In her blog, Jill on Money, Schlesinger notes: "There were no Federal or state stimulus recovery rebates or credits; no enhanced child or dependent care tax credits; and no charitable deductions for standard filers. As these emergency programs go away, you will likely find that much of your tax preparation for tax year 2022 will look a lot like your prep for tax year 2019."
She does note that the IRS has beefed up staffing, hopefully avoiding customer service delays. She adds, it's always best to file electronically, as paper usually means delays.
Other notes from Jill:
Tax Filing Deadline: April 18, due to observance of Emancipation Day in the District of Columbia. April 18 is also the due date to file for an extension, which gives you until October 17.
IRS Free File: Open to taxpayers with Adjusted Gross Income (AGI) of $73,000 or less in 2022. Free File lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax preparation services.
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