01/15/2022
📍 Your tax professional can claim the stimulus for you on your return if you didn’t receive it... ‼️💯
📍I may receive an increase in my refund if I had the virus, had to take care of someone with the virus, or was unable to run my business due to having to care for my child while the daycares/schools were closed... ‼️💯
📍 More tax laws that lead to credits, deductions and exceptions are still rolling out and I may miss money by rushing to file... DEFINITELY ‼️💯
📍If you experienced a significant decrease in income in 2021 vs 2019 the "Lookback Rule" can be used. It allows lower income individuals to use their earned income from 2019 to determine their earned income tax credit (EITC) and the refundable portion of the child tax credit (CTC) in 2021, therefore their lower 2021 income could reduce the amount for which they're eligible. 💯
📍If you received the advance child tax credit you may be eligible for the repayment plan if your AGI is under the threshold amount. Meaning you will receive the full refundable ctc on your refund.
📍Your dependent(s) went to a child care provider while you were working, going to school or looking for employment. You are eligible for the dependent child care credit.
📍You should wait on the IRS to send you letters regarding proof of payment for the advance child tax credit and COVID relief payments or pull your transcript.
📍MY submit to IRA finger is NOT itching because I want to ensure you get every last DIME Uncle Sam is handing out.. MOST DEFINITELY ‼️
Stay plugged in 🔌
