File Tax Returns Now – Don’t Wait on Congress
Congress is currently working on a large tax deal. The deal has the potential to enhance and expand certain tax credits, like the child tax credit. Since this credit helps many low income families, taxpayers might think that it would be advantageous to wait until the deal is complete before filing their 2023 tax return. This is not advised, and taxpayers should file their 2023 return as soon as they are ready to do so.
IRS Commissioner Daniel Werfel has stated that “if there’s a change to the law — like an increased credit — we will handle that at the IRS.” This means that the IRS is prepared to enact any changes that are passed by Congress. The IRS has announced that if any changes are passed in the tax bill that would affect 2023 tax returns that have already been filed, the IRS will send the affected taxpayers an update and no additional steps would need to be taken by the taxpayer.
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