Most people have a love-hate relationship with their annual tax preparation and filing. Under the current system, preparing and filing taxes can be complicated, time-consuming and expensive. But tax season also brings the potential of meaningful tax refunds including refundable tax credits like the Earned Income Tax Credit, the Child Tax Credit, the American Opportunity Tax Credit and the Lifetime Learning Tax Credit.

Most people have a love-hate relationship with their annual tax preparation and filing. Under the current system, preparing and filing taxes can be complicated, time-consuming, and expensive. But tax season also brings the potential of meaningful tax refunds and credits.

The last couple of years have been big ones for student loan forgiveness. Since President Joe Biden took office, more than 3.6 million people have had their federal loans forgiven in full — to the tune of nearly $132 billion.

The IRS announced eligibility requirements for the free, direct filing system that Nevada and 12 other states are piloting during the 2024 tax season, helping an estimated 20 million people. But it won’t be fully functioning until mid-March, after many who qualify have already filed.

As the federal government hurtles toward running out of cash and the Treasury Department takes “extraordinary measures” to pay the bills, there’s one line item the Treasury can worry a bit less about this year: tax refunds. It’s not likely to make a huge difference, but so far, the average refund amount is down more than 7% from last year, according to the IRS — that’s an overall decline of nearly $23 billion.

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Although millions of people already have filed their taxes, according to IRS data, those who haven’t should know that the 2023 tax season is bringing some changes thanks to inflation and as most of the nation moves away from COVID emergency policies.

We are a couple of weeks into tax season, and the IRS is telling people in nearly two dozen states to hold off on filing their returns. Those states sent out some kind of tax rebate or inflation relief payment last year, and the IRS hasn’t figured out yet whether those payments are taxable.