How many people are going to be shocked at Tax Time?

www.yahoo.com...

The size of your refund will largely hinge on whether you received monthly advance payments of the Child Tax Credit (CTC).

Major changes last year to the tax code — especially to the Child Tax Credit — could mean that some Americans may get smaller-than-expected refunds this year, according to several tax experts.

This is how they push people down a rung without them even realizing it.
I knew many people, even a relative that let the government take more out of their pay because that was the only way they could “save”. They used that huge tax refund as way to save up for house repairs, or appliances or other necessities. It was insane but that is how they allowed it to work for them.

There are still people that don’t realize that their taxes will be lower and that they have just been getting these payments doled out early.

So think about the perfect storm.

High and rising grocery prices
Crazy rent
Gas and all transportation costs up
Childcare is up in cost, if not impossible to find.
Lower or no tax refund

That pretty much sums up the demise of the working poor, and lower middle class.
Maybe tptb are doing this so when the drums of war beat more people will enlist knowing they have no other options.

a reply to: JAGStorm

Ive wondered this as well

Think of how bad many people have it economically right now

Then think of all the temporary things the government did to “help”

Trillions in stimulus, stop mortgage payments, rent, student loan repayments, and give out advances of tax refunds

Even with all of that, people are struggling

So what happens when those things dry up, or in this case when that refund people were counting on is already gone?

Many of us tried to warn people how devastating lockdowns would be, sad to see it come to this

I'm a bit scared last year was A pay in year but the accounting company made a mistake???? It confused them and I got lots of money back. Then about August the government sent another letter stating there was Another mistake. Filled out the forms have heard nothing. Accountants are confused but said it could take 3 years to straighten out.

We're talking $10's of thousands of dollars either way and no straight answers if any answer.

Clown world

a reply to: Grambler

It's because those trillions went to illegals, and gender identity studies etc. It didn't go to the people.. the people barely got a %, and those that got it were minority figures and black business owners. They purposely excluded most of America with each and every payment.

To the point you have to be a gov worker to even qualify for that tax credit...(anyone who claimed is probably going to have to pay back if they are not a gov worker). Or a teacher for that monthly payments. They were very very specific on how those deals were done.

While it seems the average person was set up to fail, like every other time the government "helps." I'm hoping this serves as a wakeup call for people to go back to work.

originally posted by: Jason79
While it seems the average person was set up to fail, like every other time the government "helps." I'm hoping this serves as a wakeup call for people to go back to work.

I agree.
There is a flip side to this too.

A lot of the people that are working now, especially some service people, construction, pool builders, landscapers, cleaners have been making more than they ever have and in some cases, and I mean this in the nicest way possible, are being greedy.

They are taking advantage of the situation, and good for them, but………… When the work dries up they will be the first ones trying to make a deal. I’ve seen it sooo many times. That is why I was always taught never burn bridges because you really never know.

I didn't take the advance. People who did will still receive $1500 more per child, so they won't notice a whole lot of difference. Last year was $2000 I believe?

So far as I know, we've been paying, paying, paying because we've been working, working, working, and we'll likely still get screwed, screwed, screwed.

We never stopped any of it because we've learned better the hard way. There is no such thing as forgiveness where government is concerned.

Or to put it another way, there is a starving bureaucrat somewhere who needs my hard earned money more than I do.

getting ready to do my taxes I feel like I am about to face a firing squad, sold a house missed the fact that credit was coming till it was already in my bank, got a letter from the IRS saying I screwed up a previous return a few years ago and uncle sugar wants his cheddar.

Wife asked how its looking I said bloodbath.

originally posted by: Jason79
While it seems the average person was set up to fail, like every other time the government "helps." I'm hoping this serves as a wakeup call for people to go back to work.

There are plenty of well paying jobs out there. Even in my biz we still need qualified people that won't whine because it's hard work, long hours and there will be supervisors giving instruction on how the project needs to be run.

If you can't take direction...don't even apply!!

But?

Oh NO !

It's "Re-dependence" !!!

🥳

a reply to: ketsuko

The government likes to take your money and then act like they did all the work. I am shocked every year as I normally pay in. That is your reward for busting your arse. Sad really.

originally posted by: JAGStorm
knew many people, even a relative that let the government take more out of their pay because that was the only way they could “save”.

It's just plain stupid to give the government an interest free loan.

a reply to: Irishhaf

We never get a bunch back anyhow, so it's bonus time we look forward to more, and even there the government always takes a decidedly large chunk as though they were somehow responsible for the outcome of a year of extra hard productivity in private industry.

originally posted by: AugustusMasonicus

originally posted by: JAGStorm
knew many people, even a relative that let the government take more out of their pay because that was the only way they could “save”.

It's just plain stupid to give the government an interest free loan.

I tried to explain it but some people enjoy being ignorant.

a reply to: JAGStorm

A lot of those folks likely racked up a significant amount of Credit Card debt over the holidays as well... bad combination & stagflation coming in hot

a reply to: JAGStorm

Somebody have to pay back for all the give aways from the government in the name of Covid relief.

Nothing, nothing in the US is free, no even dying is free.

a reply to: FamCore

Yep I had to move 4k miles, getting a loan to get rid of that very CC debt.

Didn't want to do it, but with inflation storming in had to get those things cleared off and lock in a decent interest rate.

a reply to: Grambler

sent you a PM

a reply to: JAGStorm

You don't have to pay it back if you claim head of household and make under 45k a year... or something like that.

Sure, some people are going to be in for a shock but the really poor won't be affected.