{"id":1828241,"date":"2023-01-30T06:35:09","date_gmt":"2023-01-30T11:35:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828241"},"modified":"2023-01-30T06:36:37","modified_gmt":"2023-01-30T11:36:37","slug":"experts-warn-new-irs-tax-rules-are-a-double-whammy-for-families","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/experts-warn-new-irs-tax-rules-are-a-double-whammy-for-families\/","title":{"rendered":"Experts Warn New IRS Tax Rules Are a Double Whammy for Families"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexperts-warn-new-irs-tax-rules-are-a-double-whammy-for-families%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828241&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/GettyImages-52182071-1200x798-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>Some analysts believe that the Internal Revenue Service has issued several warnings regarding possible lower tax refunds for this filing season. This could be a problem for families who might have expected an expanded child credit.<\/p>\n<h2>Analysts sound off<\/h2>\n<p>Lynnette KhalfaniCox is a financial expert <a href=\"https:\/\/www.npr.org\/2023\/01\/22\/1150300686\/tax-refund-irs\">NPR<\/a> January 22, 2012: \u201cfour main reasons\u201d that cause will cause 2022\u2019s returns to be smaller.<\/p>\n<p>\u201cThe first is: no more stimulus checks. The second is that what was called the enhanced child credit\u2014that\u2019s gone,\u201d She noted. A third reason is that a\u00a0pandemic-era tax break for charitable deductions was killed for this year, she said, noting that the fourth reason is because some individuals might face <a href=\"https:\/\/www.theepochtimes.com\/t-taxes\">Taxes<\/a> Investment gains<\/p>\n<p>Joe Buhrmann is a financial advisor and senior financial planning specialist at eMoney Advisor. <a href=\"https:\/\/www.cnbc.com\/2023\/01\/26\/heres-why-your-tax-refund-may-be-smaller-this-year.html\">CNBC<\/a> Friday&#8217;s lower refunds and high inflation could mean that Friday is a difficult day. \u201cdouble whammy\u201d And \u201cnasty surprise\u201d For some people, namely for families.<\/p>\n<p>Tax breaks that were implemented for 2021\u2019s taxes have returned to prior levels, the Internal Revenue Service (<a href=\"https:\/\/www.theepochtimes.com\/t-irs\">IRS<\/a>) has said. The maximum amount of child tax credit is $2,000 per child.<\/p>\n<p>The Consumer Price Index, a key metric used to measure inflation, went up by 5 percent in December 2022, according to the Department of Labor\u2019s latest statistics published last week. That\u2019s down from the 5.5 percent year-over-year increase that was seen in November of last year.<\/p>\n<p>\u201cThat\u2019s money out of refunds right there,\u201d Buhrmann made the reference to child tax breaks.<\/p>\n<p>\u201cBut a whole bunch of taxpayers actually received what\u2019s called a recovery rebate credit,\u201d Khalfani-Cox said the same. \u201cAnd they got $1,400 per person on their 2021 taxes,\u201d You can increase your tax refund or lower your bill.\u00a0\u201cBut now that\u2019s gone,\u201d She made a comment.<\/p>\n<h2>What the IRS Says<\/h2>\n<p>In a recent news release, the IRS said that some\u00a0taxpayers should expect a smaller refund due to the\u00a0expiration of pandemic-related stimulus payments and changes to child credits.<\/p>\n<p>One example is the child tax credit. This benefit will disappear when parents file their 2022 tax returns. Normally, parents receive $2,000 per child. However, in 2021 the benefit will increase to $3,600 per child below 6 years old and $3,000 for children 6 years and older.<\/p>\n<p>The IRS already <a href=\"https:\/\/www.irs.gov\/newsroom\/get-ready-now-to-file-your-2022-federal-income-tax-return\">issued notices<\/a> Concerning possible smaller tax refunds, it is noted in November \u201ctaxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022.\u201d<\/p>\n<p>According to the agency, it will be difficult to claim a deduction on a 2022 tax return for a charitable donation.<\/p>\n<p>\u201cThe IRS cautions taxpayers not to rely on receiving a 2022 federal tax refund by a certain date, especially when making major purchases or paying bills,\u201d The agency stated. \u201cSome returns may require additional review and may take longer.\u201d<\/p>\n<h2>How to get the $2,000 Child Credit<\/h2>\n<p>The full $2,000 child credit can be claimed by families when they file their 2022 returns. However, only up to\u00a0$1,500 of the credit is refundable, <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/family\/7-requirements-for-the-child-tax-credit\/L3wpfbpwQ\">Not noted<\/a> TurboTax is a new release. The increased child tax credit was fully refundable under 2021\u2019s rules.<\/p>\n<p>For 2022\u2019s tax year, a \u201cchild must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit,\u201d According to the tax company. The child must be your child, an adoptee, a stepchild or foster child.<\/p>\n<p>The parent or guardian has to claim that child\u2014who must either be a U.S. citizen or U.S. resident alien\u2014as a dependent on the 2022 tax return. The child must have lived with the parent for more than six months, be under the age of 19 or under the age of 24 and a full-time student or disabled, and the\u00a0child cannot have provided more than half of his or her own financial support during the tax year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some analysts believe that the Internal Revenue Service has issued several warnings regarding possible lower tax refunds for this filing season. This could be a problem for families who might have expected an expanded child credit. Analysts sound off Lynnette KhalfaniCox is a financial expert NPR January 22, 2012: \u201cfour main reasons\u201d that cause will &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1828244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4534,4521,5401,8362,3807,8360,3968,12893],"class_list":["post-1828241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-double","tag-experts","tag-families","tag-irs","tag-rules","tag-tax","tag-warn","tag-whammy"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1828241"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1828244"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1828241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1828241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1828241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}