Some new things to be aware of as we head into tax season

IRS starts processing January 24th
Published: Jan. 20, 2022 at 6:22 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

PEORIA (HEART OF ILLINOIS ABC) - Tax season this year begins on the 24th of January and ends April 18th. Here are some things to look out for this year. There was a change to the the Child Tax Credit. While advanced monthly payments have ended, tax payers with child dependents can still receive up to $3600 in refundable tax credit, a $1600 increase from before.

You also don’t need a tax liability income, just a child dependent. For tax payers who do not have children, the Earned Income Credit was increased to $1500 in refundable tax credit.

You’ll also receive two new documents in the mail on top of your W-2 and 10-99. Mark Steber, the Chief Tax Information Officer from Jackson Hewitt Tax Services, said, “They’ll need to watch out for their stimulus payment letter from the IRS. And then if you’re one of the 35 million that participated in the child tax credit program, there were advanced payments starting back in July, and those tax payers will also get a letter summarizing the amounts that they’ve received so far during the year.”

If you own a small business part time or full time and sell out of your home, the Home Office Credit and a great tax deduction for small business owners to take advantage of.

Mr. Steber added that 3 out of 4 tax payers get a refund, so the earlier you file, the earlier you get your money back.

Copyright 2022 HEART OF ILLINOIS ABC. All rights reserved.