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EAST PROVIDENCE, R.I. (WPRI) — As the tax deadline fast approaches, taxpayers are encouraged to file as soon as possible.
The IRS said tax credits changed this year, returning to lower pre-pandemic levels. Changes to the child tax credit, earned income tax credit, and child and dependent care credit could mean you don’t get a refund, or it could be smaller than previous years.
Gregg Porcaro, a CPA in Warwick, told 12 News that filing with ample time allows taxpayers to explore different tax credit options. Among them are solar credits under the 5695 form and education credits under the 1098-T form.
“There’s up to a 30% [solar] tax credit at the federal level which could be pretty significant,” Porcaro said.
Education credits could benefit those with incomes under $90,000, or married couples under $180,000 who had education expenses, Porcaro noted.
The IRS deadline to file taxes is April 18.
“You have to look at the big picture,” Porcaro added. “That’s why it’s not a good idea to wait til like the 15th to start worrying about your tax return, because you can’t give sufficient thought to some of these options.”
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