It's time to prepare for tax season 2022 and there are a handful of changes you need to know about, including changes to child tax credit payments.
Stimulus payments and Recovery Rebate Credit
If you didn't qualify for the third economic impact payment - commonly referred to as a"stimulus check" - or didn't get the full amount, you could be eligible for theYou'll need to file a 2021 tax return, even if you don't usually file, to claim the credit. The IRS will send Letter 6475 in early 2022, which contains the total amount of the third stimulus payment.Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married couples filing joint returns and up to $300 for all other filers for any cash contributions made in 2021 to qualifying organizations.
A special pandemic-related provision allows taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations through 12/31. Read more from
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