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Crunch The Cost: Why you will see a smaller refund this year

Local tax expert Taharra Hill shared how the mass of financial relief Americans saw during the height of COVID will directly impact refunds in 2023.

COLLEGE STATION, Texas — It's everyone's favorite time of the year: tax time.

However, the economy isn't exactly in the best of states. With interest rates, grocery items, gas, more everyday items rising in cost, and the world still reeling from the COVID-19 pandemic, the tax world has also changed significantly, according to tax preparer Taharra Hill.

"It's a struggle out here for everyone, COVID did good and bad," said Hill. "Whereas you always needed an actual tax preparer to prepare your taxes, that's not always the case anymore." 

One of those things that the pandemic brought forward was virtual communications, which became a more widely used and accepted route to connect with people, including tax experts.

However, the COVID-19 crisis has affected refunds issued to Americans for the last two years.

Hill established her business Tax and Notary Services ten years ago in College Station with the goal of being a helping hand.

"I don't do it for the money. I've never been in it for the money. It's just to help people," said Hill. "I remember growing up, we would always look forward to tax time."

However, many people are still struggling to find a sense of normalcy from everything as budgets continue to tighten.

"This year, all of that was cut out," Hill stated. "They decreased credit, decreased percentages in certain credits of refunding so larger refunds that people saw last year they will not see this year."

It's a new reality she believes people just can't accept.

"I was speaking with a client this morning and she was telling me how rough 2022 was on her and how much she was relying on her refund," said Hill.

According to Hill, this year that client will see a $3,000 difference in her refund.

"It's a relief but not enough, you know," said Hill. "A lot of people in certain income brackets, they rely on this money at the end of the year or the beginning of the year. So I get it. I do."

Through Hill's zero-credit check program, people will be able to get an advance up to $6,000 depending on your refund when signing up.

"So I have the File Now, Pay later program which allows my fee to come out of their refund when it's processed and distributed to them," said Hill. "Then it also gives them the opportunity to file now and pay later. There's no upfront cost."

So, instead of having to pay high up front fees from major tax corporations, you have the ability to wait and still get your refund.

It makes the process simple, affordable, and helps you understand the financial difference. That's just who she is, and she can be found at her office in College Station.

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