March 17, 2024
Smaller Refunds: Why Your Tax Return May Look Different This Year
Taxpayers should expect smaller refunds or potentially owe more this year due to the expiration of several COVID-19 assistance programs. Key changes include reduced Child Tax Credit and Child and Dependent Care Credit amounts, the elimination of COVID sick and caretaking leave credits, a reduced Earned Income Credit for some, and the removal of a charitable donation deduction. However, new tax credits related to energy-efficient home improvements and appliances, introduced by the Inflation Reduction Act, could offer some offsetting savings. Additionally, changes
