Filing Your 2021 Tax Returns
January 24th was the official first day of the 2022 tax filing season (21 days earlier than last year). The Wall Street Journal offers an important FAQ list to help those filing taxes stay on top of the details, especially since there are still some pandemic-related complications expected. Here are a couple notable details we’d like to bring to your attention.
DEADLINE: No delay or auto-extension this year, though the official deadline is now April 18th. This change from the typical April 15th date was made because of the local Emancipation Day holiday in Washington, D.C. And yes, you can still file for an extension, if you need it.
TAX CHILD CREDIT: If your family received the tax child credit from July to December of 2021, the IRS is sending out official letters to highlight the total amount received. Those amounts must be subtracted from the total credits claimed on your tax return. Your refund will depend on the rest of the return and what paycheck withholding you had during the year.
Get in touch
If you want someone else to help keep track of the details for you, get in touch with a Wisepath professional.
There are other pandemic-related nuances that you may want to be aware of during this year’s filing season. And if you’re wondering whether Congress can still change the 2021 tax law, the answer is YES. How or what exactly the changes are remains to be seen.
If you want someone else to help keep track of the details for you, get in touch with a Wisepath professional.
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Neither Wisepath Financial Group, nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.