Tax Day is less than three weeks away, and if you haven’t filed your return yet, experts say you may be in for a surprise when your return comes back.
"You need to watch out for refund shock," said Mark Steber, the chief tax information officer for Jackson Hewitt Tax Services.
"The child tax credit went down. The dependent care credit went down, earned income for singles went down. You no longer can take a charitable donation if you don't itemize what's gone. There's no stimulus to add on for a new dependent. So all in all, refunds are going to be a little smaller this year," Steber said.
Shantos was a real estate broker for decades, but after a bad car accident, she’s now on social security and Medicaid, running three side gigs to make ends meet. Its income that the IRS said needs to be federally taxed, but the new law passed under the American Rescue Plan of 2021 requiring people to file taxes for any transactions made through payment apps and third-party apps is postponed until next year’s tax season.
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