Tax Info You Need to Know!

Tax Info: Filings may be submitted January 24th, 2022- Stark, Ashland & Tusc families may benefit this year, read on, you need to know!

Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison. 

The IRS has released information to help taxpayers receive their refunds faster.

Make under $73,000?

• The IRS has a Free File program if one made $73,000 or less in 2021.  This allows them to electronically prepare & file their taxes for free from a safe , IRS approved commercial tax filing company.

Child Tax Credit Payments 

• Be on the lookout or SAVE the IRS Letter 6419 mailed out in December or January.
• If you do not have it, try looking at the  CTC Update Portal
• Remember, Child Tax Credits were advance payments.
• Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit.
• If you did not receive advance Child Tax Credit payments and have applicable children, they can be claimed by filing a tax return.

Fastest Return Method

• Filing electronically
• Choose direct deposit
• If you need help, Set up or log in securely at IRS.gov/account for your personal tax account information and records including adjusted gross income

Dates to Remember:

• January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins
• January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
• April 18: Due date to file 2021 tax return or request extension and pay tax owed due
• April 19: Due date to file 2021 tax return or request extension
• October 17: Due date to file for those requesting an extension on their 2021 tax returns

Helpful Tips from the IRS

• Check out the IRS “Steps to Take Now to Get a Jump on Your Taxes” page which includes:
• What Tax Files to gather (W-2, 1099s, Letter 6419 Child Tax Credit Payments, Letter 6475 Economic Impact Payment, unemployment income, refund interest, gig economy income, & virtual currencies)

Got a Refund?

• Looking to buy a car- check out Installment Loans to help you with financing!
• Open a Savings Account and save for a vacation!
• Start a College Savings Plan for your kids!
• Open a Christmas Club Account for next Christmas!

For help with savings, spending, and investing, speak to a local banker to help set up a solid foundation!

Mrs TAZ

Tax Info