SAN ANTONIO — It’s the start of tax filing season, and this year changes to tax rules may mean less money back in your wallet.
While you might get a smaller tax refund than last year, one thing that hasn't changed, it’s still best to file early.
One of the reasons you might get less money back is because tax breaks have changed since you filed your 2021 return.
This filing season, parents can claim a child tax credit of $2,000 for each child until age 16.
The portion that’s paid back to you is capped at $1,500.
The tax credit working parents use to help pay for child care is also lower this year.
Congress let 2021 enhancements expire, so this year you can claim up to 35% on $3,000 in expenses.
If you were laid off last year and received a lump sum for severance, that will be taxable.
There’s also the Earned Income Tax Credit or EITC.
It’s a refundable credit for folks making less than $59,000.
The credit is $560, which is $1000 less than last year as a result of enhancements from the American Rescue Plan.
The IRS asks that you get all your information together before you file, and carefully review your situation so you don’t miss out on any tax credits.
Your best bet for getting your refund the quickest is to file electronically and choose direct deposit.
Most taxpayers can expect to have their refund in 21 days.
The last day to file is April 18.
For more information, visit irs.gov.
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