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2022 tax filing season begins Jan. 24

The Internal Revenue Service (IRS) announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

What Identification Numbers Do You Need To File Taxes

  • For Individual: Social Security Number (SSN)
  • For Undocumented Aliens or Nonresident aliens who have U.S.-source income and thus need to file a U.S. tax return: Individual Taxpayer Identification Number (ITIN or Tax ID)
  • For Business: Employer Identification Number (EIN) (SSN)

Few Notes About 2022 IRS Income Tax Refund

  • The purpose of the 2022 tax-filing season is to file taxes for the 2021 tax year.
  • The IRS anticipates that most taxpayers will receive their refund within 21 days of filing; only if you fill out your return accurately and completely
  • Taxpayers with the Earned Income Tax Credit or Child Tax Credit generally have their refunds delayed by about one month while the IRS confirms eligibility for these credits.
  • Be careful not to throw out any tax-related documents, even if they don’t look very important.
  • Be especially careful if you are divorced:
    • Only one of you can claim your children as dependents, and the IRS has been checking closely lately to make sure spouses aren’t both using their children as a deduction.
  • The Home Office Deduction:
    • If I work from home, do I qualify for a home office tax deduction?
    • If you’re an employee working remotely rather than an employer or business owner, you, unfortunately, don’t qualify for the home office tax deduction (however, please note that it is still available to some as a state tax deduction). Prior to the Tax Cuts and Job Acts (TCJA) tax reform passed in 2017, employees could deduct unreimbursed employee business expenses, which included the home office deduction. However, for tax years 2018 through 2025, the itemized deduction for employee business expenses has been eliminated.
    • Do not throw away any “Important Tax Document” or anything that looks important that you receive from the IRS,”

How to ensure you get your refund as quickly as possible

  • Hire and work with a Tax Professional Tax Preparer
  • File and pay on time: Keep to the filing dates: IRS may not extend the tax filing deadline for 2022.
    • If You think you will be late, file an extension: However, if a person will owe taxes, it is still their obligation to pay those taxes by April 15, even if they have requested an extension to file.
  • Gather and Organize your records (tax filing information) for tax time:
    • Social Security numbers for yourself, as well as for your spouse and dependents, if any.
    • W2 Forms (for every place you worked)
    • 1099 Forms: record that some entity or person — not your employer — gave or paid you money
    • Retirement account contributions
    • Property Taxes and  Mortgage Interest Statement,
    • Charity Donations
    • State and local taxes you paid
    • Educational expenses and 1098T, if any
    • Student Loan Interest
    • Unreimbursed medical bills
    • Covid stimulus payments statements: Recovery Rebate Credit
    • Last year’s federal and state tax returns.
    • Paid Estimated Taxes: Evidence and Statement
    • lottery winnings
    • Stock gains and losses
    • Bitcoins, Cryptocurrency etc
    • Third Economic Impact Payment:
      • To find the amount of the third payment, create or view your online account
      • Or Refer to IRS Notice 1444-C, which was mailed after sending your payment.
      • They are also sending Letter 6475 through March 2022 confirming the total amount of the third Economic Impact Payment and any plus-up payments you were issued for tax year 2021.
    • 2021 Total Advance Child Tax Credit Payments (AdvCTC): This is not Taxable:
      • Half the total credit amount was paid in advance monthly payments in 2021
      • You claim the other half when you file your 2021 income tax return.
      • Advance payments were sent automatically to eligible people.
  • For Small or Big Businesses
    • Organize receipts & information that you have piled up during the year.
    • Income and Expense for all businesses
    • Income and Expense from rental properties
  • You may be eligible to claim a Recovery Rebate Credit on your 2021 federal tax return if you didn’t qualify for a third Economic Impact Payment or got less than the full amount.
  • Settle up with the IRS, if you owe: There’s more than one way to make an IRS payment; Visit IRS Payment Options
  • After Filing: Track your refund and Pay Taxes You Owe

Process Is Important, Accuracy is Key, Let The Professionals Help YouContact Us @ Jovetee Conzults

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