If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.Īvoid refund delays and understand refund timing Taxpayers who don’t itemize and who take the standard deduction, won’t be able to deduct their $600 charitable contributions.Įligibility rules changed to claim a tax credit for clean vehicles. The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $560 in 2022.Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Unlike 20, there were no new stimulus payments for 2022 so taxpayers should not expect to get an additional payment. However, money received through third party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable.Ģ022 changes that may affect your tax refund TPSOs are required to report payments for goods and services. The new threshold requires reporting of transactions in excess of $600 per year changed from the previous threshold of an excess of 200 transactions per year and an excess of $20,000. The American Rescue Plan of 2021 changed the reporting threshold for third-party settlement organizations (TPSOs), including payment apps and online third party settlement organizations. Check your Individual Tax Identification Number (ITIN).Create or access your account information at IRS.gov/account.
5 Steps you can take now to make tax filing easier in 2023
We have summarized them here, directly from the IRS website. If you prepare & file taxes yourself, the IRS has some very useful information about filing this year. Tax Return season is here, and you have until April 18th to get your taxes filed or request an extension.
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