03/10/2022
Here are the answers to these 3 frequently asked tax questions, from our clients:
π1. If you received partial prepayments of the child tax credit for 2021, these amounts won't reduce your eligible credit on your tax return, lower your refund or increase your balance due.
π2. Out of pocket medical expenses are deductible when they exceed 7.5% of your adjusted gross income and you take the itemized deduction vs. standard deduction on your taxes.
π3. 37% is currently the top rate on ordinary income. Unless Congress acts, this rate will return to 39.6% in 2026.
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