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Important tax-related modifications to know this 2022 tax season
The IRS has announced important changes for tax filing in 2022.
Tax season 2022 has started, and it comes with some key changes, including this year’s deadline. These changes have emerged due to how to the pandemic has affected the tax legislation.
This year, tax season begins January 24, with a due date of April 18 instead of April 15. The deadline for Maine and Massachusetts residents is April 19 because of the Patriot’s Day holiday.
Taxpayers must reconcile the Child Tax Credit (CTC)
A large portion of Americans received the Child Tax Credit in advance. The American Rescue Plan enhanced the credit amount and broadened the eligibility, which took effect on March 2021.
Last year’s bill allowed half of the credit to be paid in monthly installments from July to December. The remaining amount will be included in your tax return payment.
Full Refund on the Child Care and Dependent Care Credit
There are two big changes to this credit. The amount of allowable credit for child care expenses increased from $3,000 to $8000 for one dependent, and $8000 to $16,000 for two dependents. Includes out-of-pocket expenses for or any type of dependent care.
Besides Federal Taxes, Some State Taxes may Apply to Remote Workers
Many workers started working remotely because of the epidemic. Some employees left their homes, which might create state tax filing difficulties if your employer is located outside of your home state. Last year, several states offered limited relief to avoid double taxation on income, but many of them have now expired.
To prevent refund delays, e-file and submit your return as soon as possible
It is important to have a plan for filing your taxes before the April 18th deadline.
To expedite the tax filing process, you can file electronically and submit your return faster.
Use our Tax Preparation Service, which allows you to take care of your business while we e-file for you. We also offer an expert team of Tax Preparation Individuals who can answer your questions along the process.
Why Choose Secure Plus Financial?
In the last 12 months we helped our clients legally save $432,000 in Tax Payments! Your business can start saving thousands of dollars in Tax Liability today!
Do you know how much in taxes you will overpay to the IRS this tax season?
We’ve been helping our small businesses across Texas reduce their tax payments by implementing a tax preparation strategy to help them maximize tax savings.