Potential tax relief for parents, married couples in New Jersey
Two bills in Congress right now could put more money in your pocket if the bills are passed. Here’s what you need to know.
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It’s tax season and if you're ready to file your taxes, you may want to pump the breaks.
There are two bills in Congress right now that could put more money in your pocket if the bills are passed.
If you're a married couple that made up to half a million dollars in 2023, you could offset $20,000 of income on your federal returns with state and local taxes. Right now, that number is $10,000.
And if you have children, another bill could expand the child tax credits. Right now, the tax credit offers a break of up to $2,000 per child with a potential $1,600 of that being refundable.
MORE: Tips to help you file your 2023 income taxes
MORE: House passes bill to enhance child tax credit, revive key tax breaks for businesses
The bill would incrementally raise the amount of the credit available as a refund to $1,800 for 2023 tax returns, $1,900 for 2024 and $2,000 for 2025.
The bills could pass as soon as this week.
If you've already filed your taxes, don't worry. Tax experts say the IRS will make the adjustment after you receive the initial return.
