Christian Posted January 7, 2023 Report Share Posted January 7, 2023 The Earned Income Credit for older single workers available for 2021 returns did turn out to be a one trip pony. So now older workers who likely could use the extra help will be assigned back to the scrap heap. 4 2 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted January 7, 2023 Report Share Posted January 7, 2023 They killed the pony after one trip?! Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 7, 2023 Report Share Posted January 7, 2023 There are of things which will be reduced as the pandemic related expenditures expire, Medicaid, WIC, SNAP and the Child Tax Credit. In addition none of the usual year end extenders were passed. 5 Quote Link to comment Share on other sites More sharing options...
Sara EA Posted January 8, 2023 Report Share Posted January 8, 2023 Two tax breaks I wish had been extended are the charitable contribution deduction for nonitemizers and the increase in expenses eligible for the child care credit. I did not find abuse of the deduction for charities and was in fact surprised that so many clients said they gave zero. The maximum expenses allowed to calculate the child care credit started at $2k back in 1976 (and that didn't cover the cost of care back then) and increased to only $3k along the way. 7 Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 8, 2023 Report Share Posted January 8, 2023 There are some cities on the West Coast where the cost of child care is over $2,000 per month if you can even find an opening. 3 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 8, 2023 Report Share Posted January 8, 2023 The increased Child Care Credit and the over 65 EIC were two of the favorites that gave back a little bit to those who are working to make ends meet. I would have hoped they could have found something more beneficial to the wealthy to chip away at. 6 Quote Link to comment Share on other sites More sharing options...
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