Financial experts discuss tax law changes to know before filing

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The Internal Revenue Service will start accepting tax returns later this month in about two weeks.

With inflation at its highest in 40 years, those filing may not get as much as they’re used to.

“A lot of people are expecting to get the same refund they got while there was a pandemic going and when there was a stimulus going, but it's going to be adjusted back too normal to the way it was before,” The Tax Express insurance agent Santos Hernandez Jr. said.

In 2022, families with children received a child tax credit of up $3,000 or $3,600 per child. This year, the child tax credit will go back to its pre-pandemic amount of $2,000.

Edinburg resident Albert Vasquez says he was looking forward to that extra money, but something is better than nothing.

“I hope it means that things are getting better, “Vasquez said. “We kind of planned for it…at least we get something.”

Experts say while it's tempting to want to file your taxes yourself to avoid paying a tax preparer, you can make mistakes that could be costly.

“If you haven't done any taxes before, don't try to do it on your own,” Hernandez Jr. said. “Look for somebody that has experience and has been doing taxes a long time."

Hernandez Jr. added there may be some deductibles you may not even know about such as doing energy efficient improvements to their house, work from home and paying out of pocket for those expenses.

Childcare expenses are also tax-deductible, Hernandez Jr. added.

“It's a certain percentage that's deductible on your tax return, and it's a significant change that will better the tax refund, “Hernandez Jr. said. “If one year you forgot to put some expenses, you can go back to the prior year and do an amended return, so you can get the difference on the refund."  


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