January 21, 2022The year 2021 has come to an end, and now the 2022 tax season is less than 60 days away. The Internal Revenue Service (IRS) already started encouraging taxpayers to avoid trouble and make preparations for their annual tax return. It also stressed the importance of verifying payments made in advance corresponding to the child tax credit, the recovery rebate credit, and financial aid payments.
Keep All Documentation and Tax Records in OrderTo ensure a successful process, you need to have all the documents and tax records at hand, including bills and payment receipts. Make sure to include:
Verify Your Advance Child Tax Credit PaymentThe child tax credit was first granted via monthly payments to American families and resident/non-resident immigrants in July 2021. In January 2022, the IRS will send a notice (Letter 6419) with the sum total of advance child tax credit payments you received for 2021. You should keep a backup of this and any other notices you receive from the IRS regarding this credit.
Learn How to Request the Recovery Rebate CreditThe Individual Taxpayer Identification Number (ITIN) is an identifier assigned by the IRS to help people who don't have/aren't eligible for a Social Security id through the completion of their tax responsibilities regardless of their migration status. This identification lasts for a certain period of time depending on how it's been used during past tax returns. For example, an ITIN that remained unused during the tax period of 2018, 2019, or 2020 will expire on December 31, 2021. For this reason, you need to check the expiration information in advance to avoid a problem when you need to use the ITIN during the tax season.
Come to Our Certified Tax Preparers to Get Specialized AssistanceThe best way to prepare for the upcoming tax season is with the help of our certified tax preparers. Our professional tax preparation team has all the knowledge and the validation of the Florida Accounting School. We also offer the latest technology to track and organize your records and the finest professional background to help clients in the areas of accounting and tax preparation.
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