(Photo above by Dave Cyphert of ProPoint Media Photography.)
Taxes laws change each year, and it can be tough to keep up. Last year, a host of tax law changes let Americans tap into several stimulus-related credit expansions. This year, these expansions no longer apply.*
So, what credits and deductions should you know about so you get back the most money possible this tax season?
And, if you’ve heard rumblings about money received via platforms like Venmo, Facebook Marketplace, or others, affecting your taxes — you’ll want to get all the details about what this change in tax law for 2022 means for you.
The good news is that H&R Block has got you covered. Check out the need-to-know 2022 tax law changes below.
Tax law changes for 2022
Don’t worry — you won’t need to have a tax law degree to follow what changes could affect you. Instead, check out the situations below and see what’s relevant to your life.
In 2022, did you…?
Beyond tax law changes: What else should you consider?
As in any tax year, your life changes can have a big impact on your situation. This year, there’s a lot going on in the economy and shifts in work habits that might affect you.
For example, if you:
Also related to the current economy is rising inflation and increased interest rates. The silver lining of higher interest rates is that you may be able to get larger tax breaks for things such as the mortgage interest deduction or student loan interest deduction (if you’ve continued to make payments during the repayment freeze).
Getting your maximum refund, even if tax law changes don’t apply to you
Did you answer “no” to all of the above? Fear not! You may still be able to lower your tax bill with other tax benefits with the expertise of H&R Block on your side.
*Additional credits included Recovery Rebate credits and increased Child Tax Credits, Earned Income Credits (which have both returned to previous amounts).
For more information on all of the ways to receive help from H&R Block when filing taxes this season, visit Clarion H&R Block.
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