Expert Network Team

Episode 72: 2023 Tax Law Changes for Individuals and Families

Episode Summary

At the end of 2022, Congress passed more than 90 changes to the tax laws. This podcast will cover the biggest changes that affect the largest number of individuals and families

Episode Notes

At the end of 2022, Congress passed more than 90 changes to the tax laws. This podcast will cover the biggest changes that affect the largest number of individuals and families. Nathan Merrill tax attorney, interviews Karl Frank, CFP and discuss:

Most of the changes at the end of 2022 are good news; they actually benefit taxpayers! We discuss some of the reasons Congress made changes, including changing demographics, politics and more. During the podcast, we discuss the child tax credit. For 2023, the child tax credit is lower. In 2021, Congress expanded the child tax credit to $3,600 for children under six and $3,000 for children six to 18. That credit has dropped back to $2,000. The tax credit for child and dependent care has also dropped from up to $8,000 back to just over $2,100.

Source: https://www.irs.gov/credits-deductions/individuals/child-tax-credit