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Accutax tax professionals Denise Becerra-Flores and Tish Smithwick review a new set of forms for individuals filing in 2023, Thursday. With several child and dependant tax credit increases reverting to pre-COVID levels, parents should expect lower returns moving into 2023.
Accutax tax professionals Denise Becerra-Flores and Tish Smithwick review a new set of forms for individuals filing in 2023, Thursday. With several child and dependant tax credit increases reverting to pre-COVID levels, parents should expect lower returns moving into 2023.
With recent tax procedures changes, Wharton County residents, primarily parents, are likely to see their returns shrink.
Federal adjustments to tax credits are returning to their pre-pandemic levels meaning individuals who count on those adjusted credits are likely to see a noticeable decrease in their tax refund this year.
“We’ve really been telling people, this tax season will be like moving back to before COVID. The stimulus (payments) are gone, the increased Child Tax Credit is gone, the increased Child Dependant Care Credit is gone,” Accutax owner and tax professional Denise Beccerra-Flores said, adding “Refunds will be smaller as compared to last year. It’s going to hurt, honestly. We still probably needed another year. Eventually we’ll adjust and it’ll get easier.”
The average Wharton County taxpayer, Beccerra-Flores said is mid-income, $30-50,000 per year, married with three kids.
This is noticeably more than the national average of less than one average child under 18 in a family household.
“As compared to last year, the Child Tax Credit, went down by around $1,500 per kid under 17. And the Child Dependant Care Credit went from $4,800 to $3,000, almost in half,” Beccerra-Flores said.
Larger returns spurned on by credits make their way back into local businesses and are also partially captured by sales taxes.
“That money goes back into the community and people could have really used that few thousand dollars. Business owners’ numbers will be down. Last year, we were able to buy and do extra. This year will be tighter,” Beccerra-Flores said.
A portion of taxpayers, however, will enjoy some benefits this year with the Earned Income Credit increasing by around $500 and the standard deduction increasing by $900 for individuals filing single, by $1,800 for married couples filing jointly or by $1,400 for those filing head of household.
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