PROVIDENCE, R.I. (WPRI) — Monday marks the beginning of the 2023 tax filing season.
The Internal Revenue Service (IRS) expects more than 168 million Americans to file their taxes this year before the April 18 deadline.
Gregory Porcaro, a certified public accountant with Otrando Porcaro & Associates, tells 12 News it’s important to note that the enhanced tax benefits introduced during the pandemic have expired.
“The child tax credit was substantially higher and the dependent care credit was substantially higher,” he said. “They both have been reduced.”
Last year, the enhanced child tax credit offered up to $3,600 per child under the age of 6. This year families will receive up to $2,000 per child under the age of 17.
Porcaro said those who received a dependent care credit last year were granted up to $8,000. But this year, the maximum has been reduced to $2,100.
“There has been a big reduction in those credits, which is going to add some degree of concern when people see the difference from the 2021 refund versus 2022,” he explained.
So long as there are no issues, tax refunds are processed within 21 days from when someone files electronically and if they choose direct deposit.
Porcaro said people often make common mistakes when they file online.
“Spell your name correctly and put in the right social security number,” he said. “If you are going to do direct deposit, make sure you have the correct banking information.”
Tax Day is typically April 15. This year differs because April 15 falls on a Saturday, according to the IRS.