2022 marks another year of tax season for millions of Americans. The IRS has released important tax information that you don’t want to miss out on. In this article, we’ll outline the key takeaways from the IRS’s latest bulletin to ensure you’re informed and ready to file your taxes.
Filing Deadline
The filing deadline for 2021 taxes was May 17th, 2021, but the IRS has extended the deadline for some taxpayers due to the ongoing COVID-19 pandemic. If you live in a federally declared disaster area, have been affected by winter storms, or are a victim of certain crimes, you may have additional time to file and pay your taxes. Be sure to check the IRS website for more information on extensions.
New Tax Brackets
Tax brackets have been adjusted for inflation, which means that some taxpayers may see a decrease in their tax liability. The standard deduction has also increased for the 2022 tax year. It’s important to note that the tax brackets and deductions vary depending on your filing status, so be sure to check the IRS website for the latest information.
Child Tax Credit
The Child Tax Credit has been expanded for the 2022 tax year, with eligible taxpayers receiving up to $3,000 per child between the ages of 6 and 17, and up to $3,600 per child under the age of 6. To be eligible for the credit, your child must have a valid Social Security number and meet certain other requirements. The credit is also partially refundable, meaning that even if you don’t owe any taxes, you may still be able to receive a portion of the credit as a refund.
Unemployment Benefits
If you received unemployment benefits in 2021, you’ll need to report them on your tax return. However, the first $10,200 of unemployment benefits received in 2020 may be tax-free for some taxpayers. Be sure to check the IRS website for more information.
Health Savings Accounts (HSAs)
Contributions to Health Savings Accounts (HSAs) have increased for 2022. Individuals may now contribute up to $3,650, while families can contribute up to $7,300. Contributions to HSAs are also tax-deductible, and withdrawals for qualified medical expenses are tax-free.
Conclusion
Staying up-to-date on tax information is important for all taxpayers. In this article, we’ve highlighted some of the key takeaways from the IRS’s latest bulletin for the 2022 tax season. Remember to check the IRS website for the latest updates on tax brackets, deductions, and credits. Don’t wait until the last minute to file your taxes and be sure to seek professional advice if needed. Happy filing!
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