The IRS has made significant changes that could impact how much people get refunds this year.
It is tax season, a time to gather all documents and work sooner than later, said Ran Li, assistant professor in accounting at Texas A&M University-Central Texas.
“Standard deduction will change, also last year we had some early child credit, and other stimulus money which may not be offered any more," Li said.
Your refund may also be a bit smaller this year, due to the fact that their has not been much stimulus checks lately.
“There’s been a change in vita tax," Li said. "The vita tax increased to $60,000 for the household income, as long as your household income is lower than that you can receive vita services."
Those VITA Services are a free program, which usually helped people who make $54,000 or less, but since the recent COVID pandemic and recent changes in our economy, those qualifications have changed to $60,000 or less.
Here's what Li suggests for easy, problem-free filing: “My strong suggestion is, for every year you file your tax return for the current year, pull out your last year's tax returns and start it from there. Use that to compare.”
