Corinne Reed, MAFM, MPM, CRTP has been providing tax preparation services for individuals and small businesses in her community since 2014. As times have changed, so has her ability to service clients throughout California by conducting virtual meetings to ensure your questions are answered prior to filing your returns
It’s time to start thinking about filing your tax return. While the IRS has decided we can file earlier this year, beginning January 24, 2022, most people will not have all of their necessary forms until February 7th. Additionally, not all states will have their return filing form updates completed until the middle-to-end of February. The icing on the cake is that the IRS is expecting even longer delays this year in processing returns and releasing refunds. Many of us experienced a multi-month delay in 2021, be prepared for that (and possibly longer) in 2022. With the announcement of the earlier filing timeline, they also announced that (at this point) the deadline for submitting your federal return is Monday, April 18, 2022.
For those of you that did not opt out of the pre-payment of the Child Tax Credit, please be sure to also provide me with a copy of the letter/statement you would have received from the IRS at the end of December/early January. These funds were an early ‘refund’ of any amounts that would have reduced your tax burden at filing time. Congress has let the Child Tax Credit expire as of today, however, if they operate as they have in the last year or so, I expect late extensions of credits many have become accustomed to. Please reach out with any questions and to coordinate submission of your documents.
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