The IRS put their tax season dates out but you’ll need to hold off until you get that letter from them outlining your advance child tax credit payments.
The IRS won’t start accepting tax returns until Monday January 24, 2022 and the annual filing deadline is Monday April 18, 2022. The deadline for filing after an extension is October 17,2022.
Keep in mind that the volume will be heavy early on and returns will process slowly-if you can hold off, you should.
The 2022 tax season will be different, the advance child tax credit payments will have to be accounted for in your return, so wait for that letter. Guidance for who will have to pay back has been rolled out by the IRS. The basics of it are this, you will have to repay any amount you received that you weren’t qualified to receive.
These were advances of your child tax credit, so if you normally get $2,000 and the IRS sent you $1,500, then you will only get $500 back on your return.
When you’re ready to file the return, P&L Business Services can do that for you! If you’re ready and reading this–let’s talk! I have openings and would love to help!