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Experts Warn New IRS Tax Rules Are A 'Double Whammy' For Families
The Epoch Times. ^ | January 29, 2023 | Jack Phillips

Posted on 01/30/2023 8:55:56 PM PST by george76

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To: Taxman

Ping!


21 posted on 01/31/2023 7:01:58 AM PST by Taxman (SAVE AMERICA! VOTE REPUBLICAN IN 2023 AND 2024!)
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To: george76; All

Tough. You shouldn’t be giving your money to Mother Government in taxes in the first place! Why give her use of your money for a full year, interest free, just so she can support illegals, wars, line the pockets of CongressCritters and other spending you disagree with?

Read a tax table. Plan your budget/income accordingly.

If I can do it (legally!), anyone can.


22 posted on 01/31/2023 7:09:09 AM PST by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: Tilted Irish Kilt

Ping to Post #22. Didn’t see that you pinged me. :)


23 posted on 01/31/2023 7:12:28 AM PST by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: Singermom

The dims and their IRS determine who is rich.

Hint: If you have a job, you are rich.


24 posted on 01/31/2023 7:18:45 AM PST by Texas resident (Who is running our country?)
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To: Tilted Irish Kilt

I hope the biden voters are happy with what they got.


25 posted on 01/31/2023 7:18:49 AM PST by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith…)
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To: 11th_VA

The defense sector. That was practically the one thing that went up last year.


26 posted on 01/31/2023 8:17:44 AM PST by EnderWiggin1970
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To: Diana in Wisconsin

Anyone who can’t figure it out shouldn’t be voting anyway.

I mean I hate paying taxes as much as anyone, but the process and figuring them out isn’t hard at all.

Personally, I would make the criteria for graduating from high school to be able to do a long form tax return, calculate the interest and actual costson a mortgage, and understand a car or homeowner’s insurance policy; that would be the minimum of being functionally literate IMHO.


27 posted on 01/31/2023 8:27:57 AM PST by Republican in occupied CA (I will not give up on my native State! Here I was born, here I fight and die!!)
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To: Singermom
I thought joey said they were going after the RICH.

He is. And, SURPRISE!!!!! You're one of them!!!!

28 posted on 01/31/2023 11:14:44 AM PST by Mygirlsmom (Back after a long hiatus. Now mygrandkidsgrandma)
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To: george76

“Money out of refunds”

Also known as PAYING TAXES, folks!

And you sheeple thought that was only for rich people......


29 posted on 01/31/2023 11:16:54 AM PST by Mygirlsmom (Back after a long hiatus. Now mygrandkidsgrandma)
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To: george76

Tax refund? what the hell is that?


30 posted on 01/31/2023 1:24:14 PM PST by zeugma (Stop deluding yourself that America is still a free country.)
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To: Tilted Irish Kilt

Well I got quite a surprise today

While doing my taxes, I claimed my wife as a dependent. She does not work. Instead of getting a deduction as I did last year I find out they snuck a tax raise in the form of removing dependent deductions they now give you a $500.00 credit. This cost me $1,500.00.

It was sneaked in (not sure if snuck is a word) via the IRA which Bitch McConnel and Kevin McCarthy helped push through.


31 posted on 02/07/2023 3:32:46 AM PST by DaiHuy (I support LGBTQ. (Lets Get Biden to Quit.))
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To: DaiHuy; metmom; EBH; 4everontheRight; 4Liberty; 5thGenTexan; 45semi; 101stAirborneVet; 300winmag; ..
Prepper Ping - (Economics) The IRS says to expect smaller tax refunds for 2022
If you were expecting to Prep with your tax refund, you will probably be surprised and may be greatly disappointed
The smaller refunds, when added to the hit of inflation, gives you an economic "Double Whammy" !

DaiHuy :” While doing my taxes, I claimed my wife as a dependent. She does not work.
Instead of getting a deduction as I did last year I find out they snuck a tax raise in the form of removing dependent deductions
they now give you a $500.00 credit. This cost me $1,500.00."

(From the article): “Financial expert Lynnette Khalfani-Cox told NPR on Jan. 22 that there are “four main reasons” that cause will cause 2022’s returns to be smaller. “

“The first is: no more stimulus checks.
The second is that what was called the enhanced child credit—that’s gone,” she noted.
A third reason is that a pandemic-era tax break for charitable deductions was killed for this year, she said,
noting that the fourth reason is because some individuals might face taxes on investment gains. “

”Joe Buhrmann, a financial planner and senior financial planning consultant at eMoney Advisor, told CNBC on Friday that the smaller refunds this season
and relatively high inflation could be a “double whammy” and “nasty surprise” for some people, namely families.”

”The IRS has already issued notices about potentially smaller tax refunds, noting in November that “taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022.”

”Additionally, the agency said, it will be more difficult to claim a deduction for a charitable contribution on a 2022 tax return. “

32 posted on 02/07/2023 4:38:35 AM PST by Tilted Irish Kilt
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