2023 Tax Updates: What Service Providers Need to Know

Learn about the recent tax changes that are likely to impact military finances. Due to many of the expanded benefits of 2021 expiring, the 2022 tax laws look more like 2020 tax rules. For example, a family that received a refund of $12,000+ in 2021 from the expanded tax credits may receive only ~$800 in 2022 from the same tax credits (actual client example). If clients are unaware of the temporary nature of the 2021 tax changes, they might be unpleasantly surprised by potential changes in their refunds. Join Andrew Zumwalt as he explores popular tax strategies and discusses the inflation bump to the 2023 tax figures, including the standard deduction, tax brackets, and other relevant accounts.