Do You Need to File a 2022 Tax Return?

Most people file a tax return because they have to, but even if you don’t, you might be eligible for a tax refund and not know it.

The tax tips below should help determine whether you must file a tax return this year.

Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.

Take some time to review the information below to ensure you’re prepared for what’s ahead.

Kids’ Day Camp Expenses May Qualify for a Day Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know:

Summer Activities That Could Affect Your Tax Situation

Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:

Filing a Tax Return: Avoid These Common Errors

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of common tax return errors to ensure a timely refund.

Review these 10 common errors to help you prepare for your return.

What’s New for IRS Form 1040 This Year

If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).

Some are more familiar to taxpayers, including charitable contributions, advance child tax credits, and economic impact payments (mentioned above). Others might not be as well-known. Let’s take a look at nine of them:

The 2022 Tax Filing Season: What You Need To Know

Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return. Keep reading to learn more about what you should know including the filing deadline for most taxpayers, key items you need to prepare for filing, other important dates, and more.

Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

Shared Custody and Advance Child Tax Credit Payments

Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will allow parents to unenroll, if they choose, and possibly avoid a possible tax bill when they file next year.

Let’s take a look at four of the most common questions about shared custody and the advance child tax credit payments: