The Change of 2022 US Tax Credits
The season of filing 2022 tax return is around the corner. The IRS point out that because a part of tax credits returns to 2019 levels, so the tax refund that taxpayers receive in 2023 may be lower than 2022.
For example, in 2022, if you are qualified for Child Tax Credit (CTC), the credit will decrease from $3,600 to $2,000. If you apply for Earned Income Tax Credit (EITC) and you don’t have any child, the credit will decrease from about $1,500 to about $500. Besides, there were no new stimulus payments for 2022 in the US, so taxpayers won’t get an additional payment in their 2023 tax refund.
USCPA Sophie Luo (羅霞) reminds you that if you want to apply for 2022 tax refunds, you have to file 2022 tax return first. If your gross income reaches the tax filing threshold but you don’t file the tax return, you can’t apply for the tax refund and may also face the penalty from the IRS.
If you have any questions or need any further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
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