The COVID-19 era was great for personal taxes.
There were stimulus amounts, increased child tax credits, non-itemizing charitable deductions, as well as other items.
But it’s over.
There’s a decent chance your 2022 personal tax returns will not be as kind to you as the past couple of years, assuming your financial situation has not changed much.
As much as I appreciated the “I can’t believe my refund amount is so high – THAT IS AWESOME!!!” messages from clients, I realize I may be getting a few more “Are you sure you included every deduction with our return – something doesn’t make sense!” messages.
This doesn’t mean we won’t do everything in our power to limit our clients’ tax liabilities.
We will – it’s my job.
But it’s also my job to be realistic and honest with my clients.
I believe it’s essential to manage expectations – in all areas of life.