Should You Be Prepared for a Smaller Tax Refund in 2023?

Should You Be Prepared for a Smaller Tax Refund in 2023?

Unfortunately, many Americans could be in for an unpleasant surprise when they file their returns this year, as some of the key tax breaks that caused refunds to rise in the past two years have gone away. In response to the COVID-19 pandemic, Congress passed several valuable tax breaks designed to help American families weather the economic disruption caused by the pandemic. The Child Tax Credit, which is normally worth up to $2,000 per year, per child under 17, was expanded to $3,000 for children under 18 or $3,600 for children under six for the 2021 tax year.