Tax season 2022 has arrived.

The Internal Revenue Service has started accepting and processing 2021 tax returns Monday, January 24^th, 17 days earlier than last tax season’s late start of February 12^th. This year, 2021 federal income tax returns are due April 18^th for most people, three days later than the normal April 15^th deadline for filing taxes. For those living abroad the deadline to file the 2021 Tax Return will be June 15^th and requesting an extension, will give taxpayers until October 17^th.

If you have any tax questions, feel free to call us or book an appointment for a free consultation, with no commitment on your part: Free consultation.

What is the fastest way to get a refund?

Filing their tax returns electronically and getting their refunds by direct deposit. The IRS says refunds can be directly deposited into bank accounts, prepaid debit cards or mobile apps as long as a routing and account number is provided.

When should I receive my 2021 W-2 and 1099s by?

W-2’s and 1099s are due to be mailed no later than Jan. 31. A 2015 law made it a permanent requirement that employers file copies of their Form W-2 with the Social Security Administration by Jan. 31.

When should I expect my tax refund in 2022?

The IRS anticipates most taxpayers will receive refunds, as in past years. However, by law, the IRS can’t issue refunds involving the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February, though taxpayers still may file earlier than that.

Sign in to your IRS Online Account. The New IRS Tool!

Access your individual account information including balance, make and view payments, tax records, manage communication preferences, create payment plans, tax pro authorizations, transcripts, letter that the IRS has send you and you have never received and any other information that the IRS has from you.

Stimulus checks from 2021. Recovery Rebate Credit.

Some people might want to file returns even though they’re not required to do so to claim a Recovery Rebate Credit or the 2021 stimulus payments. Eligible people should have received $1,400.

The IRS will send Letter 6475 starting in late January with the total amount of the third Economic Impact Payment received. Economic impact payment amounts also can be viewed on IRS online accounts.

Credits for other dependents

This tax season, you’ll need to be aware of some key issues: To account for advance Child Tax Credit payments if any, the return of the Recovery Rebate Credit, a special break for charitable contributions among other things and the non-refundable credits for other dependents.

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the credit that may be left over.

The maximum credit amount is $500 for each dependent who meets the following conditions: Dependents who are age 17 or older, with a individual taxpayer identification numbers, supported by the taxpayer and living with the taxpayer.

The credit begins to phase out when the taxpayer’s income is more than $200,000. This phaseout begins for married couples filing a joint tax return at $400,000.

The taxpayer can claim this credit if the dependent is on the taxpayer’s return, and the dependent is a U.S. citizen, national or resident alien and they are not using the dependent to claim the child tax credit or additional child tax credit.

More information

U.S. Tax Consultants
Travesía de las Cañas, 2 – 28043 Madrid
Phone +34 915 194 392
info@ustaxconsultants.es
www.ustaxconsultants.es