Monday marks the first day of tax season, and this year your refund may look a bit different.
The past couple of tax seasons the pandemic dramatically impacted the amount of refund money taxpayers got across the country, but this year that won’t be the case.
“A lot of people got a lot of extra money,” said Joel Veldt with Ladd and Carter Tax Service. “I’m hoping they all realize that that was a one shot deal.”
Veldt says tax refunds are going back to how they were before the pandemic.
“I prefer to look at it as the fact that this year tax refunds should be normal,” he said. “You’ll be back to like taxes were in 2020.”
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He says that is because tax credits will be back to normal.
“There was doubling almost child tax credits and other pandemic incentives,” Veldt said.
Veldt does encourage everyone to file their taxes as soon as possible in case you get a good chunk of money.
“Get in early and get the money and start planning your vacation,” he said.
Even if you owe money, file early.
“If it’s bad news, find out so you can start slacking your way and not have to go to payday loan or something like that,” Veldt said.
When you do file, he says the best way is to do it electronically.
“When you can file electronically definitely do that. It eliminates the human potential for error and just gets things done a lot faster,” he said.
Thanks to holidays this year, everyone has three extra days to file taxes. The deadline is April 18th, but taxpayers who need more time can request it until October.
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