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April Fools'

Warning: this material might cause anger and frustration in some readers. But don’t shoot the messenger here.

Oh, how I wish I could tell you that this post is based on a joke, but I cannot because it’s the cold, hard truth. So here it is: if you have gotten relatively large tax returns in recent years, those days are probably far behind you. Don’t count on it this year. Things have changed. Our refunds will be much smaller for the 2022 tax year.

Why?

Many Americans thought that the stimulus payments they’d received were basically “free money” and were excited to get them at the time. But, unfortunately, nothing is ever free, and those stimulus payments are returning to bite us now.

A couple of tax credits have expired; the expanded Child Tax Credit and certain Covid-related breaks are no longer in existence. During the pandemic, the IRS also gave breaks to those who filed their taxes late. That, too, has been taken off the table.

Sorry to be the bearer of bad news, but you will find out eventually. So take the advice I’ve been giving for my entire blogging career. First, don’t give the government too much money during the year; you won’t be disappointed when “tax return” time rolls around. 

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