The IRS sent a media release on January 23, 2023, marking the beginning of tax filing season. This tax filing period, which runs from January to April 2023, is for your 2022 tax returns. You’ll provide details about the money you made the previous year, and in some situations, you’ll get a refund (or in other cases, you may owe taxes).
The IRS issued a major warning on the effect of stimulus payments on the tax return you’ll submit this year in the press release. The IRS specifically said that because there were no government stimulus payments made the previous year, you might not get the full amount of your tax return.
As many people depend on their tax refunds to aid in debt repayment, account growth, or the achievement of other critical financial aims, it is necessary that you read and fully appreciate this IRS warning so that you are not taken by surprise.
Your tax refund might be less than it was in the previous tax filing season for two main reasons, based on an IRS press release.
According to an IRS news release, “several taxpayers might receive their refunds significantly lower this year because of tax law changes including as the removal of the Advance Child Tax Credit and no Recovery Rebate Credit this year to collect pandemic-related stimulus money.”