The Internal Revenue Service recently made several announcements intended to give taxpayers some advance notice of changes that may affect their 2022 filings.
Some of the highlights that taxpayers should be aware of include:
Taxpayers who received $600 or more for goods or services from a third-party payment network should receive a Form 1099-K. Taxpayers who are early filers should use caution this year to make sure that they have received all their key tax documents before filing. This will help avoid the time and expense of having to file amended returns.
The IRS also wants taxpayers to be aware that some tax credits are returning to 2019 levels such as the Child Tax Credit, Earned income Tax Credit and Child and Dependent Care Credit.
Also, for 2002 those taxpayers taking the standard deduction may not take an above-the-line deduction for charitable donations.
As always, Beige Law, PLLC advises to consult with a qualified tax professional and financial planner to see how these recent increases may benefit you.
If you have an IRS or New York State tax issue the attorneys at Beige Law, PLLC can help. Contact our office today and start putting your tax issues behind you today.