In this article, you will learn…
- How the Inflation Reduction Act will impact your tax return,
- What goals the Inflation Reduction Act has moving forward, and
- The changes to the child tax credit in 2022.
Would The Inflation Reduction Act Impact Your 2022 Tax Return?
The Inflation Reduction Act is a 10-year plan that can have some effect on the 2022 tax return. There are several parts of the plan that are going to be very important in the years to come. These parts are…
- Lower prescription drug costs,
- Make the maximum that a person on Medicare can pay in a year $2,000,
- No tax increases for families that make under $400,000 per year, and
- You will receive tax credits for buying clean energy products and electric cars.
Does The Child Tax Credit Enacted During The Pandemic Still Apply To Your 2022 Tax Return? What Changes Should Taxpayers Be Aware Of, If Any?
The Child Tax Credit does not still apply to your 2022 tax return. The $3,600 per child is back to $2,000 per child. The child must be under 17 years old, the family must have a household income of under $400,000, and there are no pre-payments of the tax credit.
With the guidance of a skilled attorney for Estate Planning Law, you can have the peace of mind that comes with knowing that we’ll make it look easy.
For more information on Estate Planning Law in South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.