Less Money Back with This Year’s Tax Refund?

CHATTANOOGA, Tenn. (WDEF) – Today is the official start of the 2023 tax filing season, which means tax returns are just on the horizon.

The IRS says most people can expect refunds in less than 3 weeks after filing.

However, one expert told News 12 to not count on big refunds this year.

Dr. Joanie Sompayrac, an Accounting Professor at UTC, said there are many reasons why refunds could be smaller.  One reason is because of the various stimulus plans that were enacted to compensate for the pandemic are no longer in effect, she said.

Multiple tax credits were offered during the pandemic to give people more money back.

Dr. Sompayrac said they are now being reduced back to normal.

One of the more significant changes is the tax break for childcare.

During the pandemic the break was set at $8,000.

It’s now down to $2,100

The filing deadline to submit 2022 tax returns is set for April 18th.

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