Best Tax Preparation Services in Portage, MI

Biggest question so far this tax season... Why is my refund smaller? -there were no new stimulus checks from the federal government. And some expanded tax credits and deductions, like for charitable gift deductions and child care, have reverted back to pre-pandemic amounts. -child tax credit reduced, since it’s reverting back to the pre-pandemic level of $2,000 per child (only $1400 is refundable). In 2021, the credit was as high as $3,600 per child. -Back in 2020, Congress introduced a new incentive to encourage charitable giving. Taxpayers could claim up to $300 for cash donations (or $600 for married couples filing together), even if they didn’t itemize — but this provision wasn’t extended for 2022. -The EITC, which is available for low- to moderate-income families and people without children, will now be $500 as opposed to the $1,500 given in 2021 to those who qualify. The child and dependent care credit returned to a maximum of $2,100, a stark difference from the maximum of $8,000 set in 2021. Days of the supersized refunds are over. A Smaller Refund ISN'T always a bad thing!! One important thing to remember about tax refunds is you usually only get them when you’ve overpaid on your yearly taxes or withheld more than what you owe — which means a refund is just the government paying you back money that was already yours to begin with. You essentially gave the them an interest-free loan throughout the year, when that extra $$ could have gone toward your financial goals...