EG Tax and Team simply wanted to let you know that the first day that the IRS and NYS are open for electronic filing is next Monday, 1-24-22. However, if clients come in today or tomorrow, we can have them sign and they will be first in line when e-filing begins. Some exciting tax changes this year means lots of money in the pockets of many taxpayers:
There are a lot of expanded refundable credits for taxpayers this year. Children there is up to a $3,600 child tax credit (per child), earned income credits nearly $7,000, and daycare credit is up to another $8,000. In addition, if you didn’t work you still can qualify for the expanded child tax credits (this is the first time that taxpayers with no earned income can qualify for child tax credits). Taxpayers will also want to remember to reconcile their advanced child tax credit payments and stimulus payments too. In addition, if a taxpayer had no earning for tax year 2021 in order to capture the earned income tax credit, they could use the wages from their 2019 return. So many tax changes in order to benefit taxpayer. We are here to help you navigate all of the tax reforms and tax changes. If you have questions or need help understanding some of the recent tax law changes do not hesitate to give us a call. Thank you for your time. Have a great day. Stay Safe.