Tax season can be nerve-wracking for many American families. There are a lot of deductions that need to be taken advantage of, and the tax laws constantly change.
There are some changes this year that will affect your return. For example, COVID-era tax breaks have expired, which may reduce some families’ refunds. But it’s not all gloom.
Expanded Child Tax Credit Gone
One result of COVID-19 was the change to the Child Tax Credit. In 2021, the tax credit was
$3,600 for children ages five and under. It was $3,000 for children ages six through 17. And in 2021, there was not an earned income requirement. So the higher Child Tax Credit could generate a refund, despite a lack of income.
