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There are many tax changes to consider when filing this year. Kathy Pickering, Chief Tax Officer for H&R Block, touches on some notable ones to look out for. First, the IRS updated tax brackets for inflation, and if your earnings stayed the same, you'll pay less in taxes this year, which means a bigger refund. Additionally, federal tax credits for electric vehicles (EVs) have been revised, potentially affecting the amount you can claim. Lastly, the Child Tax Credit. Although the current rules for these credits haven't changed from last year, Congress is presently re-evaluating where these stand as many of the inflation numbers that these rules rely upon for calculation have increased. Congress is looking at making significant changes to the Child Tax Credit for the 2023 tax year. These changes are not finalized, and we are unsure when or if they will be. Still, taxpayers should file their taxes now instead of waiting to see if the child tax credit will be passed. If passed, the legislation as it's currently written, gives the IRS maximum flexibility to issue additional refunds for those who have already filed without requiring further action. Starting your return early with H&R Block gives you more time to gather the necessary information that could increase the size of your refund. Often, taxpayers forgo itemizing their deductions because of the time required to gather receipts and other evidence. Also, filing early locks your social security number, preventing someone else from filing using it. It also means you will get your return sooner. H&R Block offers easy-to-use DIY options featuring AI Tax Assist to full-service tax filing assistance at an H&R Block office located in every state or virtually. Visit hrblock.com for more information.
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