Taxpayers could be in for ‘another shock’ due to some tax changes this year, experts say

COLORADO SPRINGS, Colo. (KKTV/Gray News) – A tax preparer in Colorado says this tax season may look a little different for taxpayers than in recent years.

“Taxpayers will experience something called a refund shock,” said David Fruh, with Jackson Hewitt Tax Service.

Fruh said KKTV That shock return will be a result of two things: there is no financial incentive for the recovery of the rehabilitation funds and the amount of financial debt that has returned to the level before the disease.

“We had a rehabilitation loan, which was good for $600, $1,200, or $1,400 for each person. But this year it’s gone,” said Fruh.

Fruh explained that some of the family tax exemptions that were introduced two years ago are also being changed this year.

“The child tax credit, which was good for $3,600 last year, has been changed to $2,000 per qualified child. Also, the Dependent Care Credit, which was good for up to $8,000 last year, is back down to $1,221 this year,” Fruh said.

Fruh said the team will help those taxpayers with any of their refund questions.

“I think taxpayers should prepare for their tax returns to look better in 2018 and 2019,” Fruh said.

Tax day is April 18, when individual tax returns must be submitted to the federal government, according to Public Service.

Fruh also urged taxpayers to be on the lookout for fraud during the upcoming tax season.

“You should file as soon as possible to avoid identity theft,” Fruh said. “Identity theft is a growing problem with the IRS, and the sooner you file, the better your chances of not getting caught.”

Additionally, the IRS said it cannot ask for personal information via email or contact a taxpayer via social media.

If you owe money to the IRS, the agency is said to contact you by mail.

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