New Life Financial Solutions

🗣️ Tax Season has officially started and this season will have some changes ❗️

Because there were no economic impact payments for 2022, tax payers could see a decrease in their tax refund in 2023 compared to last year.

Here's what you need to know:

📌 Eligible taxpayers will now receive $2,000 per dependent for the Child Tax Credit (CTC) for the 2022 tax season, compared to the $3,600 per dependent in 2021.

📌 For the Earned Income Tax Credit (EITC), eligible taxpayers with no children who received roughly $1,500 in 2021 will now receive $500 for the 2022 tax season.

📌 The Child and Dependent Care Credit returns to a maximum of $2,100 for the 2022 tax season instead of $8,000 in 2021.

On the positive end, the Standard Deduction did increase.

✅ Taxpayers filing Married Filing Jointly will see an increase to $27,700 up $1,800 from tax year 2022.

✅ Taxpayers filing Single and Married Filing Separately will see an increase to $13,850, up $900 from tax year 2022.

✅ Taxpayers filing Head of Household will see an increase to $20,800, up $1,400 from tax year 2022.

If you’re looking for an experienced and qualified tax preparer, we got you!

💻 https://linktr.ee/Alenabrown
☎️ (800) 725-3271
📧 [email protected]

📌 The PATH ACT lifts today and Earned Income Tax Credit and/or Additional Child Tax Credit refunds will begin to process 📌

Here’s what you need to know….🖊

⚠️ Taxpayers affected will not see an update to their tax refund status for several days after February 15, 2022.

When will Where's My Refund Update with the first batch of Direct Deposit Dates?

➡️ Projected deposit dates for some early EITC/ACTC refund filers by February 19, 2022.

When will the First batch of PATH HELD Refunds Direct Deposits Dates be dated for?

➡️ The first batch of PATH HELD Refunds will have direct deposit dates for February 23, 2022.

When will Where's My Refund Update with the second batch of Direct Deposit Dates?

➡️ Second batch of deposit dates for more early EITC/ACTC refund filers by February 26, 2022.

When will the Second Batch of PATH HELD Refunds Direct Deposit Dates be dated for?

➡️ The second batch of PATH HELD Refunds will have direct deposit dates for March 2, 2022.

💻 https://linktr.ee/Alenabrown
☎️ (800) 725-3271
📧 [email protected]

We at New Life Financial Solutions take pride in providing our clients excellent customer service.

Customer service is always our #1 priority. We appreciate each and every one of our clients.

Are you looking for a new Tax Professional this season? File today using the link below ⬇️

💻 https://linktr.ee/Alenabrown
☎️ (800) 725-3271
📧 [email protected]

🚨 Did you receive a PPP loan in 2020 or 2021!

Important tax update, please read!!

🚨 IRS is requiring that a statement be attached to your federal return for PPP recipients. Though the income is not taxable, federal regulators are requiring that you disclose it on your tax return regardless of whether or not the loan was forgiven. Make sure your business and documents are in order.

🚨 If you received a PPP loan make sure that you communicate this information with your tax preparer. 🗣🗣🗣

“RP2021-48” must be written at the top of that statement!

Looking for an experienced tax professional, we are always accepting new clients!

Schedule your tax consultation or upload your tax documents using the link below ⬇️

💻 https://linktr.ee/Alenabrown
☎️ (800) 725-3271
📧 [email protected]