2022 Tax Changes You Need to Know

In this article, you will discover:

  • Important tax filing dates for 2022.
  • How the child tax credit may affect your refund.
  • Changes to unemployment taxes for 2022.
When Is the Tax Filing Deadline in 2022?

The tax filing deadline for 2022 is April the 18th, even though April the 15th is on a Friday this year. The District of Columbia has a holiday, the Emancipation Day, recognized on April the 15th, closing the IRS. Everybody gets to wait until the 18th, except Maine and Massachusetts. They have a state holiday on the 18th, pushing their filing deadline to the 19th.

Will There Be Any Extensions to the Tax Deadline in 2022?

In 2022 there is a standard extension deadline, which for a regular Form 1040 filings will be October 15th.

Do I Need IRS Letter 6419 to File My Taxes This Year?

If you received monthly advance child tax credit payments in 2021, you need the 6419 letter, referring to the child tax credit, to help prepare your taxes. It is not part of your tax filing, but you can refer to it to ensure you fill out your return correctly. This letter should be kept with your permanent tax records.

Will Unemployment Benefits Come With a Tax Break in 2022?

Unfortunately, unemployment benefits will not come with a tax break in 2022. In 2021, taxpayers got a break from paying tax on unemployment benefits on their 2020 return. However, for the 2021 tax season, unemployment received during 2021 will be taxed.

Will My Monthly Child Tax Credit Payments Increase or Decrease My Refund This Year?

Receiving the monthly child tax credit payments will never increase your refund, but it could lower it. Your refund is determined on a case-by-case basis by your adjusted gross income. The child tax credit payments you receive monthly are based on an estimate from the past year. If your income increased significantly, then your child tax credit may decrease. You may have been given more than you were supposed to, and you may have to pay additional taxes.

Do I Have to Itemize to Deduct Charitable Donations This Year?

Even if you use the standard deduction, you can get a deduction of $600 for charitable contributions to recognized charities. If you want to claim more than $600 in charitable donations, you must itemize.

For more information on Tax Law in South Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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Greenville, SC 29601

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