{"id":6541,"date":"2023-03-24T18:36:09","date_gmt":"2023-03-24T14:36:09","guid":{"rendered":"http:\/\/gccexchange.com\/blog\/?p=6541"},"modified":"2023-03-24T18:37:34","modified_gmt":"2023-03-24T14:37:34","slug":"this-is-why-filing-your-income-tax-return-will-never-be-the-same","status":"publish","type":"post","link":"https:\/\/gccexchange.com\/blog\/this-is-why-filing-your-income-tax-return-will-never-be-the-same\/","title":{"rendered":"This is why filing your income tax return will never be the same"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Congress has passed various economic relief bills to help\nindividuals cope with the COVID-19 outbreak. This tax season will see numerous\nsignificant changes as a result of these new regulations. Here&#8217;s everything you\nneed to know to maximize your tax refund this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"452\" data-attachment-id=\"6548\" data-permalink=\"https:\/\/gccexchange.com\/blog\/this-is-why-filing-your-income-tax-return-will-never-be-the-same\/income-tax-return\/\" data-orig-file=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2023\/03\/income-tax-return.jpg?fit=640%2C452&amp;ssl=1\" data-orig-size=\"640,452\" data-comments-opened=\"1\" data-image-title=\"income tax return\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2023\/03\/income-tax-return.jpg?fit=640%2C452&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2023\/03\/income-tax-return.jpg?resize=640%2C452\" alt=\"income tax return\" class=\"wp-image-6548\" srcset=\"https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2023\/03\/income-tax-return.jpg?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/gccexchange.com\/blog\/wp-content\/uploads\/2023\/03\/income-tax-return.jpg?resize=300%2C212&amp;ssl=1 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Even if you don&#8217;t regularly file taxes, some economic relief\ninitiatives may result in a larger tax refund this year. Here are some of the\nhighlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Child Tax Credit: The\nincreased Child Tax Credit is available to nearly every family, including those\nwith no recent income and who do not normally pay taxes. If you received\nadvance payments in 2021, you must file a tax return to obtain the remainder of\nyour credit. If you did not get upfront payments, you are still eligible for\nthe entire credit when you file your taxes.<\/li><li>Earned Income Tax Credit:\nThis enhanced credit is available to more people than ever before. If you work,\nthis credit may provide money back at tax time or reduce the amount of federal\ntaxes you owe.<\/li><li>Child and Dependent Care\nCredit: For the first time, this tax benefit is completely refundable. It helps\nto offset the costs of childcare or elder care.<\/li><li>Stimulus checks: If you did\nnot receive the full amount of the three stimulus checks sent by the government\nin 2020 and 2021, you can get them when you file your taxes.<\/li><li>Unemployment compensation:\nUnemployment compensation is taxable and must be recorded.<\/li><li>&#8216;Lookback&#8217; rule: If you\nearned more in 2019 than you did in 2021, the &#8216;lookback&#8217; rule may help you\nsecure a larger Earned Income Tax Credit refund.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Continue reading to find out more about tax credits,\nstimulus check stubs, unemployment benefits, the lookback rule, and how they\nmay influence your taxes this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tax Break for Children <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The increased <a href=\"https:\/\/www.paystubsnow.com\/child-tax-credit-how-to-claim-ctc-in-united-states\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Child Tax Credit<\/a> is worth up to $3,600 for each child under the age of six and $3,000 for each child aged six to seventeen. From July 2021 to December 2021, the government paid half of the Child Tax Credit in advance. You must file a 2021 tax return to get the other half of your Child Tax Credit (which you file in 2022). You may need to refer to IRS Letter 6419 (issued in January 2022), which shows the entire amount of advance payments received.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This information may be useful in determining how much\ncredit you have remaining when you file your taxes in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you did not get advance payments, you can still claim the\nfull amount of your Child Tax Credit when you complete your 2021 tax return\n(which you file in 2022).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earned Income Tax Credit <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because of the recent expansion, more people will qualify\nfor the Earned Income Tax Credit than ever before. Adults without children are\nnow eligible for a credit of up to $1,500 for the first time. This comprises\nadults aged 19 to 24 (not students) and over 64 who work and were previously\nineligible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, many qualified families with children will\nreceive a little higher EITC. The credit is worth up to $6,728 when you file\nyour taxes in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tax Credit for Child and Dependent Care<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can claim the Child and Dependent Care Tax Credit if you\npaid for childcare so you could work or look for work. This credit can also be\nclaimed if you pay for the care of an adult dependent who is unable to care for\nhimself so that you can work or look for work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This tax credit can normally be used to reduce the amount of\nfederal taxes owed. The tax credit is more valuable than ever in 2022 and is\nentirely refundable. This means that if you owe no taxes, you can receive the\nmoney as part of your tax refund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To qualify for the credit, you must know how much you spent\non childcare in 2021. You can use bank account statements, receipts, or any\nother proof that documents your expenses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stimulus Packages<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The majority of people received their first and second\nstimulus cheques in 2020 and early 2021, respectively. A third stimulus check\nwas approved and would be distributed during the year 2021. The stimulus\npayments are not considered income, and you are not required to pay taxes or\ninclude them on your tax return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you did not receive your first, second, or third stimulus\ncheck, or if you did not receive the full amount that you are entitled to, you\nmay claim them as part of your tax return. The IRS calls stimulus payments\nEconomic Impact Payments, or EIPs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IRS sent you notifications detailing the amount of the\nstimulus check:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The amount of your first\nstimulus check is shown in IRS Notice 1444. (EIP1)<\/li><li>The amount of your second\nstimulus check is shown in IRS Notification 1444-B. (EIP2)<\/li><li>The amount of your third\nstimulus check is shown in IRS Notification 1444-C. (EIP3)<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To claim the remaining stimulus <a href=\"https:\/\/www.paystubsnow.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">check stubs<\/a> on your tax return, you must first determine the total amount you have previously received. (If you did not get any of the checks or cannot recall the amounts, you can still claim your stimulus funds.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To continue to support economic relief from the COVID-19\npandemic, Congress passed a &#8216;lookback rule,&#8217; which means that if you earned\nless in 2021 than you did in 2019, you can calculate your Earned Income Tax\nCredit (EITC) using either your 2019 or 2021 income\u2014whichever one gives you the\nmost money back.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To take advantage of the lookback, you will need your 2019\ntax return. If you make less money in 2021 than you did in 2019, you can choose\nwhich income to use. If your earnings in 2021 were higher than in 2019, you\nmust use your 2021 earnings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you file your own taxes, learn how to locate your earned income to take advantage of the lookback period.<\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<!-- IC Display Horizontal Ad -->\n<ins class=\"adsbygoogle\" style=\"display:block\" data-ad-client=\"ca-pub-0548205572604330\" data-ad-slot=\"6509299300\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n","protected":false},"excerpt":{"rendered":"<p>Congress has passed various economic relief bills to help individuals cope with the COVID-19 outbreak. This tax season will see<\/p>\n","protected":false},"author":1,"featured_media":6548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[660,1244,2664],"tags":[3111,1635,3112,3113],"class_list":["post-6541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-covid-19-pandemic","category-finance","tag-child-tax-credit","tag-covid-19-pandemic","tag-earned-income-tax-credit","tag-tax-credit-for-child"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5 - aioseo.com -->\n\t<meta name=\"description\" content=\"Congress has passed various economic relief bills to help individuals cope with the COVID-19 outbreak. 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