Before you file, we have tax tips for you

Kato Living M-F VOD Record
Published: Feb. 8, 2023 at 4:59 PM CST
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MANKATO, Minn. (KEYC) - Brock Thaemitz from Eide Bailly has helpful tax tips for your 2022 filing.

Some changes are in store, including the amount of tax credits filers may receive back. Tax payers can expect to see smaller child tax credits, the higher credits were not expanded to the current filing year.

Dependent care credits will also be less this year, it has gone back to the previous tax rule, therefor this refund will also be less dur to this credit not being expanded.

Retirement accounts aren’t seeing many changes aside from inflationary changes.

On a state level for Minnesota, there’s a 529 plan contribution credit, that qualifies for up to $500. The other Minnesota credit is a student loan repayment credit, qualified filers can receive up to $500 in credit.

For more information on taxes, tax credits and filing, you can check Eide Bailly’s website., and you can also find information on the IRS website.