As tax season begins, here are the changes you should know about

JACKSONVILLE, Fla. – It’s an annual rite — tax time.

It’s now time to start gathering those W2s and all your financials together for Uncle Sam. This year you’ll notice some changes, especially when it comes to refunds.

On Monday, the IRS officially starts accepting tax returns. Millions of Americans can expect smaller refunds.

If you’re wondering why there are several reasons. First, the enhanced child tax credit has expired. That’s where parents could claim up to $3,600 per child last year, but it’s now capped at $2,000 per child.

The child and dependent care credit is also notably lower.

You can claim a maximum of 35% on $3,000 in expenses for one person or up to $6,000 for two.

Last year the credit was worth a maximum of 50% on up to $4,000 in expenses for one person or $16,000 for two or more.

And in order to justify itemizing your deductions which include charitable contributions they will need to exceed the standard deduction of $12,950 for single filers or $25,900 for those married and filing jointly.

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