Death and tax are inevitable in this uncertain world, thus adage. This year Ben Franklin’s words fit perfectly on IRS, and Internal Revenue Service is showing it’s just as over the pandemic as the rest of us. The IRS is returning the tax filing deadline to April, reports fox8.com.
The deadline for tax filing is once again April 18, 2022. Friday is the observed holiday in D.C., and Emancipation Day falls on Saturday, April 16. So the deadline is April 18. Maine and Massachusetts residents file their tax returns by April 19 since April 18 is a public holiday for Patriots’ Day. It is interesting to note that the IRS delayed the traditional tax filing deadline from April 15 until May 17.
Filing tax returns will be very complicated this year.
Due to the pandemic, the tax returns will be complicated due to layoffs, surging unemployment, tax credits, and other financial aspects.
A critical aspect while filing your tax returns is the pandemic relief: The Child Tax Credit. The payments advance the credit families get when they file their taxes every year, not an “extra.” Families will see a smaller tax credit available per child when they file their taxes since they have taken the CTC checks. Citizens will have to fill Form 6419, which indicates the number of advances received.
No news about how relief discussed by Congress will affect 2021 taxes.
Tax expert Lisa Greene-Lewis spoke on “Morning in America” on Monday. She was talking about the intricacies of filing taxes this year. Lisa Greene-Lewis did not detail the possible credits being discussed by Congress and how it will affect 2021 taxes. Lisa, however, did say that there were tax reliefs and increases to personal deductions. These deductions were carried forward from 2020 and would be beneficial while filing tax returns this year.
Will stimulus checks affect your taxes?
Greene-Lewis revealed that The EITC “lookback” credit could be substantial, allowing a family with three children to qualify for up to $6,700 in tax credits.
Greene said they could obtain it when filing taxes for citizens who did not receive all the stimulus checks. The “Recovery Rebate” credit allows filers to deduct the amount of relief they were eligible for but did not receive.