| December 14, 2021 | 0 Comments

Hopefully, you have been able to enjoy some parts and you and your loved ones have been healthy and safe.

There are a few issues that I wanted to alert you on as the year comes to an end.

For those who received Advanced Child Tax Credit payments in 2021 the amounts need to be reconciled on your 2021 tax return. Taxpayers that received less than they were eligible can claim a credit on their returns. Those that were overpaid may need to repay some or all of the excess payment at tax filing time. In January 2022 you will receive an IRS letter 6419. This letter will state the amount of Child Tax Credit you received in 2021. KEEP THIS LETTER with your other tax filing documents.

Be on the look- out for IRS Letter 6475. This letter will be sent out in early 2022 and will state the amount of the third Economic Impact Payment and any Plus-Up Payments that you received in 2021. AGAIN, this information needs to be enclosed with your tax filing documents.

Your returns will be processed faster if you have the correct information and provide direct deposit/withdrawal data when filing your returns.

Now for some other changes. If you do not itemize (use the Standard Deduction) you can deduct up to $600. CASH contributions when filing jointly ($300. all others) to qualifying organizations.

If you are interested in earning more on your savings, check out “” and the current offerings on Series “I Savings Bonds.

Comments are closed.