(WXYZ) — January 23 marks the start of the 2023 tax season, but there's a chance your refund won't be as high as last year. That's because there have been many changes to taxes this year, especially when it comes to how much you get back.
In 2022 the average refund was more than $3,200. That was up from $2,800 in 2021. But this year, tax refunds will look more like they did in 2019 and 2020. The reason? There were no federal stimulus payments in 2022 and that extra boost with the expanded child tax credit has expired.
Nonetheless, there are still more tax credits you can take advantage of this tax season.
"Dependent care credit, education credits, and that list goes on and on," Mark Steber said, "So if you're in one of those, especially new this time, you may get a bigger refund than you got last year."
Some other big takeaways for this tax season:
- File electronically to avoid delays
- Use direct deposit for your refund check
- Organize your tax information into different folders: one for life changes like marriage or a child and another for miscellaneous items