(NewsNation Now) — Nothing is certain except death and taxes, Ben Franklin said, and this year, the Internal Revenue Service is showing it’s just as over the pandemic as the rest of us. The way the IRS is showing that is by returning the tax filing deadline to April.
This year, it’s on April 18. That’s because Emancipation Day falls on Saturday, April 16, and Friday is the observed holiday in D.C. Because federal offices are closed that day, taxes are due on Monday, April 18, 2022. Residents in Maine and Massachusetts must file by April 19, since April 18 is the observed day for Patriots’ Day.
Last year, the IRS delayed the traditional tax filing deadline from April 15 until May 17.
Tax expert Lisa Greene-Lewis joined “Morning in America” on Monday to help sort out the tax filing changes wrought by layoffs, increased unemployment, tax credits and other financial aspects unique to the pandemic.
One big thing to keep in mind pertains to one of the most popular parts of pandemic relief: the child tax credit. These payments were an advance on the credit you get when you file your taxes every year, not an “extra.” Therefore, you’ll likely see a smaller tax credit available per child when you file this year if you took the CTC checks. You’ll want to have Form 6419 handy, which indicates the number of advances received.
While Greene-Lewis couldn’t speak to any possible credits being discussed by Congress now that might retroactively affect 2021 taxes, she did point out that there were tax reliefs and increases to personal deductions that were carried forward from 2020 that would come in handy this year. Deducting cash contributions to charity and using 2019 income to calculate earned income tax credit standing were two of them.
The EITC “lookback” credit can be huge, according to Greene-Lewis, allowing a family with three children to qualify for up to $6,700 in tax credits.
For those who received stimulus checks but didn’t get all they could have collected, Greene-Lewis said they can balance the scales at filing time. The “Recovery Rebate” credit allows filers to deduct the amount of relief they were eligible for but did not receive.
As always, there are regularly updated online tools to help you file your taxes, or you can always hire a professional “in person” to walk you through the process.