Minnesota Taxpayers to Experience Decline in Refunds – Here’s Why

As the holiday season comes to a close, it’s time to start putting together the necessary documents to file our taxes.

Tax Refund
Minnesota Tax Refunds may be smaller (Photo, USA Today)

According to Ashley Kerzman, Landwehr’s tax and accounting business manager, families with children should expect a reduced refund in 2023. Last year, the refund amount slightly increased due to the COVID-19 pandemic. However, this year, the refund amount is expected to go back to $2,000 per child.

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It’s important to note that tax laws and regulations are constantly changing, so it’s essential to stay informed and up-to-date on the latest developments. This is especially true for families with children, as the refund amount can greatly impact their finances.

One way to stay informed is to work with a reputable tax and accounting professional. They can provide valuable guidance and advice on how to properly file your taxes and maximize your refund. Additionally, they can help ensure that you are in compliance with all tax laws and regulations, which can save you from potential penalties and fines.

Another important factor to consider when filing your taxes is keeping accurate records and documentation. This includes keeping track of your income, deductions, and any other tax-related information. This will make it much easier to file your taxes and ensure that you receive the maximum refund possible.

In conclusion, tax laws and regulations are constantly changing, but by staying informed, working with a professional, and keeping accurate records, we can make the tax filing process less daunting and potentially increase our refund.

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