{"id":57080,"date":"2023-03-16T12:18:52","date_gmt":"2023-03-16T19:18:52","guid":{"rendered":"https:\/\/lapost.us\/?p=57080"},"modified":"2023-03-16T12:18:52","modified_gmt":"2023-03-16T19:18:52","slug":"filers-should-know-about-changes-to-common-credits-and-deductions","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=57080","title":{"rendered":"Filers should know about changes to common credits and deductions"},"content":{"rendered":"<p>Tax Tip 2023-34<\/p>\n<p>Taxpayers who haven&#8217;t filed yet should make sure they&#8217;re familiar with the changes to credits and deductions for tax year 2022 to help them file an accurate return by the April 18, 2023, deadline.<\/p>\n<p>Unlike 2020 and 2021, there were no new stimulus payments for 2022, so taxpayers should not expect to get an additional payment in their 2023 tax refund.<\/p>\n<h2>Changes to individual credits and deductions for tax year 2022<\/h2>\n<ul>\n<li>Taxpayers may still qualify for temporarily expanded eligibility of the\u00a0<a href=\"https:\/\/www.irs.gov\/affordable-care-act\/individuals-and-families\/the-premium-tax-credit-the-basics\">Premium Tax Credit<\/a>, a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. To get this credit, taxpayers must meet\u00a0<a href=\"https:\/\/www.irs.gov\/affordable-care-act\/individuals-and-families\/eligibility-for-the-premium-tax-credit\">certain requirements<\/a>\u00a0and file a tax return with\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8962\">Form 8962, Premium Tax Credit<\/a>.<\/li>\n<li>The Child Tax Credit, the Earned Income Tax Credit and the Child and Dependent Care Credit have reverted to pre-COVID levels. This means that taxpayers will likely receive a significantly smaller refund compared to last year.\n<ul>\n<li>For 2022, the Child Tax Credit is worth $2,000 for each qualifying child. A child must be under age 17 at the end of 2022 to be a qualifying child.<\/li>\n<li>For the Earned Income Tax Credit, eligible taxpayers with no children may get $560 for the 2022 tax year.<\/li>\n<li>For the Child and Dependent Care Credit, taxpayers may receive up to 35% of their\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-503\">employment-related expenses<\/a>\u00a0for 2022.<\/li>\n<\/ul>\n<\/li>\n<li>Taxpayers that don&#8217;t itemize and take the standard deduction cannot deduct their charitable contributions this year.<\/li>\n<\/ul>\n<h2>More information:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions-for-individuals\">Credits &amp; Deductions for Individuals<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.irs.gov\/newsroom\/subscribe-to-irs-tax-tips\">Subscribe to IRS Tax Tips<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Tip 2023-34 Taxpayers who haven&#8217;t&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-57080","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57080"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57080\/revisions"}],"predecessor-version":[{"id":57081,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57080\/revisions\/57081"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}