Tax Changes Could Result in a Reduced Refund
Tax season kicks off as people can start filing returns for the 2022 year. ABC 31 News’ Joel Massey spoke with some locals about getting ready to file.
As us residents begin to file taxes this year there are several changes that could reduce your refund amount. For example, the CARES act which allowed up to $600 of charitable donations as a deduction no longer applies and the enhanced child tax credit has also reverted. In 2021 it was up to $3,600 per qualifying child under age five or $3000 if they were under age 17. Now it’s back to pre-pandemic rules of $2000 per qualifying child 16 and under. Ready or not it’s time to file.
John Cotton, Pineville resident said, “Hadn’t gotten my tax notices yet and when I do I’ll go to the preparer and still have to pay through the nose.”
Laura Michael, Pineville resident said, “It’s that time of year get your paperwork ready. I’ve gotten my social security already. I’m getting ready to pick up all my forms from the Internet. Then I have to take those and have them delivered to my accountant.”
Michael Teta, Pineville resident said, “No, I’m not ready, I don’t have any choice. I guess time and I’m going to have to end up writing a pretty big check so I’m not really interested in it.”
“Are you putting it off until the last minute?”
“Yes, I’m an extender.”
“One of those who wait until April 15?”
Suzanne Pearson, Pineville resident said, “I’m ready for tax season. Gotta pay it, might as well go ahead and get it over with I do it early.”