Why Your Tax Returns Might Look Different This Year

💰The child tax credit for 2021 increased to $3000, but it has since gone back to $2000, resulting in a possible $1000 loss for filers.

💸Apps like Cash App and Venmo now require you to file for some in-app transactions, which could affect your tax returns.

📝Incorrectly filing your W-4 form can lead to unexpected costs in the end when filing taxes.

💡There are ways to avoid unnecessary costs when filing taxes. Stay tuned for more information.

😕Many people are confused by the unexpected changes in their tax returns this year.

Why are my tax returns different this year?

—Changes to the child tax credit and in-app transactions are possible reasons for the difference.

What is the child tax credit?

—The child tax credit is a tax benefit that provides financial relief to families with qualifying children.

Why do apps like Cash App and Venmo affect tax returns?

—These apps now require you to report some in-app transactions, which can impact your tax returns.

What should I do if I incorrectly filed my W-4?

—Incorrectly filing your W-4 can result in unexpected costs when filing taxes. Consult with a tax professional for guidance.

How can I avoid unnecessary costs when filing taxes?

—Stay tuned for tips on how to avoid unnecessary costs when filing taxes.

00:00Tax season is wrapping up, and many people are finding that their tax returns may be different this year.

01:28Changes to the child tax credit in 2021 may have caused some filers to experience a loss of up to $1000.

01:43Apps like Cash App and Venmo now require reporting of some in-app transactions, which can impact tax returns.

01:53Incorrectly filing your W-4 form can lead to unexpected costs when filing taxes.

02:10There are ways to avoid unnecessary costs when filing taxes. Stay tuned for more information.