2022 Tax Season

The 2022 tax season is approaching. Stay on the lookout for various tax documents coming via the mail. If you collect your documents online, make sure you log in when they’re available and save and/or print your own copies. You do not want to rely on them being there later - technology can always break down.

Keep in mind for the 2022 tax year, there have been some changes from previous years.

• No more above the line charitable donation tax deductions. During COVID, families were allowed to take an additional above the line tax deduction for charitable donations. This process has stopped in 2022, and only people itemizing deductions are allowed to deduct these donations.

• The Child Tax Credit was previously up to $3,600 per child, per year. The IRS has lowered this back to pre-COVID amounts, maxing out at $2,000 per child, per year.

• The Child and Dependent Care Credit has been reduced to a maximum of $2,100, instead of the previous $8,000 last year.