While filing your tax return promises to be just as complicated as always – especially if you received stimulus payments or advance child tax credit payments – there are steps that taxpayers can take right now to make sure their tax filing experience goes smoothly in 2022. Let’s take a look at four things taxpayers can do now to get ready for tax season:
Important Tax Changes for Individuals and Businesses
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
Who Qualifies for the Earned Income Credit
The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don’t owe any taxes or aren’t required to file a return. If you lost your job in 2020 or your earnings were significantly lower, you may qualify for the earned income tax credit; however, taxpayers must meet certain requirements and file a federal tax return in order to receive this credit. Here’s what you need to know