Families Advised to File Taxes Promptly Amid Child Tax Credit Uncertainty
Should You Delay Filing for the Child Tax Credit Boost. (PHOTO: AL.com)
Proposed Changes to Child Tax Credit Await Senate Approval
The 2023 tax season is happening now but some families are waiting to file because they’re unsure about changes to the child tax credit according to NJ News. The IRS says there’s no need to wait they’ll automatically adjust returns for any changes to the credit. This is similar to what they did during the COVID pandemic for unemployed people. The changes to the child tax credit were approved by the House of Representatives but they still need Senate approval. If passed these changes could give more money to lower-income families and let families pick which year’s income to use for the credit. Unlike before families won’t get monthly payments under this plan.
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Tax Relief Bill Gains House Approval Awaits Senate Decision
A bill called the Tax Relief for American Families and Workers Act got strong support in the House but hasn’t been voted on in the Senate yet. Even though tax refunds are going up as people file their taxes they’re still not as high as last year. It’s better not to wait to file your taxes if you’re expecting a big refund.
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