IMPORTANT NOTES: The IRS will begin accepting returns be on MONDAY, JANUARY 23, 2023. My appointments will begin on January 21st, 2023 to facilitate taxpayers that need to file previous years or that have special circumstances that require them to file on the first day. All appointments will be virtual again this year. All documentation MUST be received prior to you receiving a tax appointment.
IMPORTANT DATES:
Tuesday, January 24, 2022: The IRS will begin accepting returns
Mid-February 2023: Refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can’t be issued before mid-February. The law requires the IRS to hold the entire refund − even the portion not associated with EITC or ACTC.
– Wednesday, Mar 15, 2022: S-Corporations & Partnership tax returns are due.
– Tuesday, Apr 18, 2022: The 2021 Individual, C Corporation, and Estate tax returns are due.
2022 TAX CHANGES THAT MAY AFFECT YOUR REFUND:
No additional stimulus payments. Unlike 2020 and 2021, there were no new stimulus payments for 2022 so taxpayers should not expect to get an additional payment in their 2023 tax refund.
Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refunds compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit which will revert to pre-COVID levels.
The biggest change is – The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
The American Rescue Plan temporarily increased the Child Tax Credit. Half of those tax credit increases were delivered through automatic monthly payments and the remaining balance was available through 2021 tax returns filed by November 17, 2022. Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
For the EITC some taxpayers will see lower refunds, while others will receive more. Eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022. Taxpayers with 1 child who received roughly $3,600 in 2021 will now get $3,700 in 2022. Taxpayers with 2 children who received roughly $5,900 in 2021 will now get $6,100 in 2022. Taxpayers with 3 or more children who received roughly $6,700 in 2021 will now get $6,900 in 2022.
No above-the-line charitable deductions. During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.