Getting Ready for 2022!

         With each new year, the Internal Revenue Service (IRS) makes changes to the tax law, and 2022 will be no different. Now is the time to get informed about these adjustments.

          Economic Impact Payments have been a part of our lives for 2 years. However, some may not have received all of their third payment. A taxpayer in this situation may be eligible for the recovery rebate credit. They would need to file a 2021 tax return to determine how much they could claim. It is also necessary to use the records you already have regarding your previous stimulus payments. Keeping good records is always important.

          When it comes to Child Tax Credits, many families got monthly advance payments. If the total was less than they were eligible for, the balance can be claimed on their tax return. If there were no advance payments, the entire amount can be claimed, but filing a tax return is always necessary. Taking the time to find a Qualified Tax Professional to care for your needs is always time well spent.

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