The next tax season is prone to be one of the harshest awakenings Americans have ever been through. Why? Because many of the income tax breaks that once led to bigger refunds or even smaller bills won’t be available anymore.
That is due to the fact that there were a couple of temporary changes that were meant to help Americans weather the consequences of the Covid-19 pandemic.
Even so, some taxpayers might even benefit from all of these changes when they file for their 2022 tax return, and I’m talking here about the one that’s due by April 2023.
And the reason for that is the routine inflation adjustments that will increase the value or even qualify for certain tax credits and deductions. In which category you fall is only up to you. But here’s what you need to know: