Tax Day 2022: Here's how to get a bigger tax refund
Doing your taxes this holiday weekend? As of April 8, the Internal Revenue Service had processed nearly 100 million individual tax returns for tax year 2021 and issued more than 70 million refunds. The average refund: $3,175.
Here are some last-minute tips on how to get a bigger tax refund, including some special tax breaks that are new or expanded and good for only 2021 tax year returns due this year—on Monday, April 18, 2022 for most taxpayers. Taxpayers in Maine and Massachusetts have until April 19 because of Patriots Day. Taxpayers in certain disaster areas have until May 16 or June 15.
If you paid a day care center or other “qualifying” care provider to watch your kids—under age 13—so you and/or your spouse could work, you may be eligible to claim an enhanced child and dependent care credit. This is different than the Advanced Child Tax Credit that was doled out in monthly payments in the second half of the year to most families with kids—and is trued up on your 2021 tax return.
For 2021, Congress sweetened the child and dependent care credit: a maximum credit of $4,000 for one child receiving care, and $8,000 for two or more. Taxpayers with adjusted gross income up to $125,000 are eligible for the full credit, which decreases until it phases out at $438,000 of adjusted gross income. The 2021 changes also made the credit refundable, which means that even if you don’t owe any tax, the credit will be paid to you as a refund.
to this important tax credit for families. Note it applies not only to kids, but also to paid care for other dependents such as elderly parents.Congress made permanent changes—and temporary changes for 2021—to the EITC, which helps low- to moderate-income taxpayers. An example of a permanent change: The maximum amount of investment income like interest and dividends that a taxpayer can earn and still be eligible for the credit was increased from $3,650 to $10,000.
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