Filing Taxes 2022: 14 Changes for Taxpayers to Know About This Year’s Tax Season

It’s almost time to start filing taxes for 2022 and there’s a few changes this season that taxpayers are going to want to know about.

Stacks of coins hold up wooden blocks that spell out "TAX." representing filing taxes 2022.

Source: Shutterstock

Let’s dive into all of those tax changes below!

  • First off, taxpayers will want to note that the first day for filing taxes is January 24, 2022.
  • This early start date is for individual tax returns.
  • The IRS is setting up early to test out new programming in place to account for the Child Tax Credit and Recovery Rebate Credit.
  • According to the agency, the quickest way to get through filing taxes will be to have all of the required information ready to go.
  • That includes how much was paid out as part of stimulus packages in 2021, as well as how much was gained via the Child Tax Credit.
  • On that same note, some taxpayers may see a smaller return this year than they’re used to.
  • That’s due to the child tax credit sending out payments to parents on a monthly basis instead of in one lump sum as part of their tax return.
  • It’s also worth highlighting that taxes are due on April 18 this year for most of the population.
  • That’s due to the Emancipation Day holiday pushing back the due date from the typical April 15.
  • Taxpayers living in Maine or Massachusetts have until April 19 to file due to the Patriots’ Day holiday in those states.
  • Anyone filing an extension will have until Oct. 17, 2022, to file their taxes.
  • Taxpayers may also see a delay on their tax returns due to the ongoing stress the pandemic is causing the IRS’ system.
  • The quickest way to get a return in 2022 is filing taxes electronically with direct deposit set up.
  • Those that choose to turn in a paper filing are more likely to face delays.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/01/filing-taxes-2022-14-changes-for-taxpayers-to-know-about-this-years-tax-season/.

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