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Many will see changes from last year when filing their taxes


FILE - A sign outside the Internal Revenue Service building in Washington, on May 4, 2021. (AP Photo/Patrick Semansky, File)
FILE - A sign outside the Internal Revenue Service building in Washington, on May 4, 2021. (AP Photo/Patrick Semansky, File)
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It’s tax season, and there a few changes to your returns that can possibly affect the amount of money you'll be getting back this year.

"A couple changes are that the Child Tax Credit is going to be decreased from 2021, which will affect people who have kids obviously not getting the extra money from last year," said James Gregg, owner of Gregg Tax Services.

The pandemic allowed for the enhanced child tax credit that allowed $3,000 for children under 18 and $3,600 for children under the age of 6.

Families will no longer be seeing that extra lump sum on 2022 taxes, but that's not all that is changing.

They had charitable contribution that you could take off in front of the return,” Gregg said. “Now the only way you can take your charitable donation is if you can itemize.

Gregg says filers will see a decrease, but nothing abnormal, as it is comparable to pre-pandemic times without the extra money.

He advises to stay ahead of the game in 2023.

Going forward, like the increase in the 401(k) contributions that are allowed and the IRAs to take advantage of it now, rather than waiting till it's too late," Gregg said.

And you may be wondering with the cost of everything going up, will it affect your taxes?

"It won't have any effect of the taxes per se, but what happens is they do use those numbers for certain calculations that may increase the income limits and such," Gregg said.

And Gregg says just be financially aware, as we've had a rough few years.

"One piece of advice is before you do anything financially that could affect your taxes, always talk to a professional," he said.

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