Some key items to keep in mind include updates to child tax credit payments and charitable contributions.
It's almost time to file your federal tax return and there are a handful of changes you need to know about, including steps you need to take regarding child tax credit payments.
The deadline to file your 2021 taxes is April 18, 2022, but the Internal Revenue Service encourages people to file early to avoid processing delays.
Here's are some key items to keep in mind:
Families who received advance payments this year will need to keep an eye out for Letter 6419 from the IRS. It's already being sent out, according to the IRS.
The letter includes the total amount of advance child tax credit payments taxpayers received in 2021.
The IRS says, eligible families who didn't get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return next year.
This includes families who don't normally need to file a return.
If you didn't qualify for the third economic impact payment - commonly referred to as a "stimulus check" - or didn't get the full amount, you could be eligible for the Recovery Rebate Credit.
You'll need to file a 2021 tax return, even if you don't usually file, to claim the credit.
The IRS will send Letter 6475 in early 2022, which contains the total amount of the third stimulus payment.
Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married couples filing joint returns and up to $300 for all other filers for any cash contributions made in 2021 to qualifying organizations.
For the latest updates from the IRS, visit the IRS website and search for the IRS Tax Tips page.