Easy steps to make tax filing easier in 2022
Another year has come and gone and here we are looking ahead to tax time. Are you one of the many taxpayers who struggle to have all your documents ready for the accountant to prepare your taxes? The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps to help themselves file their federal tax returns in 2022.
Planning ahead can help you file an accurate return and avoid processing delays that can slow tax refunds
Child Tax Credit: Is it right for me?
In case you’re unfamiliar with the Child Tax Credit, it was initially structured in the Taxpayer Relief Act of 1997 as a $500 per child nonrefundable credit designed to provide relief to middle- and upper-middle-income families. Various laws since that time have modified the credit to expand its availability and benefit to more low-income families and to increase its value.