2023-01-25 20:30:11

Should You Be Prepared for a Smaller Tax Refund in 2023?

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Nasdaq
By The Motley Fool

Image source: Getty Images

Tax season 2023 is now underway, and the IRS has started accepting returns for the 2022 tax year. Refunds should begin showing up in Americans' bank accounts within the next few weeks.

Unfortunately, many Americans could be in for an unpleasant surprise when they file their returns this year, as some of the key tax breaks that caused refunds to rise in the past two years have gone away. Here's a rundown of what has changed, and what it could mean for you.

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Some valuable tax breaks went away for the 2022 tax year

In response to the COVID-19 pandemic, Congress passed several valuable tax breaks designed to help American families weather the economic disruption caused by the pandemic.

The biggest benefits were directed at families with children. The Child Tax Credit, which is normally worth up to $2,000 per year, per child under 17, was expanded to $3,000 for children under 18 or $3,600 for children under six for the 2021 tax year.

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