It’s almost time for tax season 2022, and as tax forms begin to arrive in mailboxes across the United States, many residents of California will be wondering when they may file and what changes will be implemented for their returns this year. According to the Internal Revenue Service, the first day to file tax returns for the year 2021 is January 24.
Child Tax Credit, Stimulus Payments
According to Yahoo! News, because of the ongoing coronavirus pandemic, this will be the second year in which Americans will file tax returns that will most certainly differ dramatically from those filed in previous years. The expanded child tax credit payments, which are received by the great majority of Americans, are one of the most significant changes that could have an impact on returns this tax season.
It’s possible to collect the remaining child tax credit on their 2021 tax return if they qualify for more than they received in the previous year. Any overpayments must be repaid when taxes are filed.
Meanwhile in stimulus check payment, as per the report, a third stimulus payment will be credited to them in early 2022 if they received a stimulus payment between March and December 2021. This letter should not be thrown away, as tax payments cannot be claimed without it.
However, the Recovery Rebate Tax Credit Worksheet is used to seek any additional payments due in 2021. This is important if they didn’t get a stimulus payment or only got a partial payout.
As reported by ABC7 News, contributions to qualifying organizations paid in cash in 2021 by taxpayers who do not itemize deductions may be eligible for a deduction of up to $600 (for married couples filing joint returns) and $300 (for all other filers) for cash contributions made in that year.
The deadline for filing and making tax payments in California is on April 18, 2022.