Changes to this year’s tax filing as tax return season kicks off Monday

PUEBLO, Colo. (KRDO) -- Tax filing season kicks off Monday, Jan. 23, with a few changes compared to previous years. Several popular tax breaks have changed since filing 2021 returns.

Tax filing officials say now is a good time to get a sense of whether you'll owe money to the IRS, or whether you'll likely get a refund, and if so, how much. It's advised to get a head start this year because the amounts might be very different than they were last year.

Additionally, tax refunds might be smaller this year. That's in part due to the expiration of some tax breaks that were in effect the previous tax year.

That includes the child tax credit, dependent care credit, the earned income tax credit for those without children, severance payments, and charitable deductions have all changed in some way this tax filing year.

However, there are some ways to help maximize a refund or reduce the amount owed.

Tax filing officials recommended reviewing last year's return to make sure you claimed all your tax breaks, and if you missed any, you can file an amended return for 2021.

People can also use their capital losses, look into making an IRA contribution, or max out their health savings account contributions which are all deductible.

If it turns out you will owe additional money to the IRS and need some time to get the funds together, you can still file now but set your payment to go on April 18 so you have more time to pay.

If you need help filing, AmeriCorps in Pueblo is working with United Way to help lower-income residents of Pueblo County file their taxes.

These tax preparation services are free and will be here from now until April 8. AmeriCorps is scheduling appointments, intaking clients, preparing taxes, and reviewing returns.

For more information, click here.