Child tax credit change leaves parents owing the IRS for first time

Tax season just started but many people are up in arms after a change to the federal child tax credit left them owing money to the IRS.

"This is the first time that I've ever been taxed that high," one parent said. "I mean, it was like at least $2,000. My taxes were like $3,000. And hey, I don't make that kind of money."

Reg Davies, a Charlotte-based accountant, says many others can expect a similar surprise when they file their 2023 tax return. He says a change in the child tax credit took the credit from $3,000 to $2,000. He says there are other factors leading to people getting a smaller refund this year, too.

Apps like Cash App, Venmo and PayPal are requiring users to file for in-app transactions, and sometimes, those that aren't business-related could fall into the tax pile, depending on the size of the transaction. #Money #Taxes #irs

[angelaw]

We pay taxes to fund wars and take care of every country that asks. Americans are struggling with outrageous home and rent prices increases and the rich keep getting richer.

[noblereflex]

Also politicians:"Why arent americans having

[p-linethepeon]

Nice way of getting the stimulus money back from the public ❤️❤️❤️❤️

[protecttheseeds.]

Californian politicians collects approximately $230 Billion from anyone living in California, and still claim to be broke. The USA collects approximately $4 Trillion a year from US taxpayers. The National debt is at $34 Trillions. Revenue is the not the problem. Spending is the problem.

[Elburion]

Work Work Work but still Broke Broke Broke because of Taxes Taxes Taxes

[joemanzi]

Pay your taxes so the federal government can squander it and put us in a multi-trillion dollar deficit.

[joshuaederer]

Sounds like a great incentive to get people to do their taxes. Watch how many don’t file because of this tyranny. More taxation without representation.

[TTOS]

Na bs. TAXES SHOULD BE SIMPLE. This country is going down the drain. I give it 10 years.

[dmk]

Groceries and housing have almost doubled since Trump left office. The child tax credit should be doubled to help out families.

[xcat]

I'm so happy I made productive decisions about my finances that changed my life forever, hoping to retire next year.. Investment should always be on any creative man's heart for success in life

[williamgullett]

I did tax returns and it was eye opening to see someone make 2k in a year and get a refund more than they made.

[charlieg.]

Abolish the IRS, trash the tax laws, replace it with a single rate for everyone. A flat tax. Why should some people pay nothing while others pay 33% of their income?

[asylumsys]

They got to support all those migrants

[joerides]

Working for the welfare of other countries. We need to help Americans 1st. This is getting crazy. Until we can help ourselves, we should not help anyone else.

[Towanda]

People shouldn't be giving the IRS an interest free loan... You can make it so you get more of your own money throughout the year and then get little to no money back in tax season or owe a small amount but you have your money when you need it most... See an accountant to see how !!!

[LBJ]

Oh, I owe alright, and was not expecting it. Way less in withholdings was deducted and I didn't change it. Noticed the child tax credit wasn't as high...so, the raise I got this year is going toward the increase in federal withholdings...so, I'm not getting ahead, another step backwards.

[curtis]

We shouldn't even pay taxes on income.

[treznev.v]

squeeze the people for more an more. you'll own nothing an love it.

[Dumbluck]

I like the consumption tax only. You pay tax on what you purchase. You don’t want to pay taxes, don’t buy anything.

[JamesAtkins-cc]

Welcome to the world of single people who pay extra every year even though our tax bills are the highest.