EAU CLAIRE (WQOW) – Although the 2022 tax season has not officially opened yet, tax experts say there are many changes to look out for that could save you money when filing.
Michael Kubiak, owner and tax accountant of Kubiak Tax Service, said for this year, if you’re on Obamacare and your household income is 400% or more of the federal poverty line for your family size, you won’t have to pay as much back of your advanced premium credits. Kubiak said in 2020, if you were over $1 you would have had to pay back thousands in advanced credit.
And potential law changes may make you eligible for a larger refund. To qualify for the earned income tax credit, in 2020, you had to be between the ages of 25 and 65. For 2021, the age has been lowered to 19.
For those who received advance child tax credit payments, make sure you turn in your “Letter 6419” to claim the rest of your refund.
For this year, one concern Kubiak has is if the federal government makes any changes to tax laws during tax season. He said if people have already filed their returns, it would create more work for tax agents.
“We may be looking at a situation like last March where there’s a great deal of changes and people who have filed may have to amend their returns. That’s going to be a major item,” he said.
You can start filing your 2021 taxes for the 2022 season starting on January 24. The deadline is April 18.
If you want to check how certain tax credits might apply to you, click here.
