The deadline to file your 2021 taxes is April 18, 2022, but the Internal Revenue Service encourages people to file early to avoid processing delays.
Here's are some key items to keep in mind:
Child tax credit payments
Families who received advance payments this year will need to keep an eye out for Letter 6419 from the IRS. It's already being sent out, according to the IRS.
The letter includes the total amount of advance child tax credit payments taxpayers received in 2021.
The IRS says, eligible families who didn't get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return next year.
The last #ChildTaxCredit payments for 2021 are going out. Eligible families who didn’t get the payments can claim the full credit on their #IRS tax return in 2022. https://t.co/gNwCm7mNSz pic.twitter.com/sBGeckgdAc— IRSnews (@IRSnews) December 28, 2021
This includes families who don't normally need to file a return.
Stimulus payments and Recovery Rebate Credit
If you didn't qualify for the third economic impact payment - commonly referred to as a "stimulus check" - or didn't get the full amount, you could be eligible for the Recovery Rebate Credit.
You'll need to file a 2021 tax return, even if you don't usually file, to claim the credit.
The IRS will send Letter 6475 in early 2022, which contains the total amount of the third stimulus payment.
Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married couples filing joint returns and up to $300 for all other filers for any cash contributions made in 2021 to qualifying organizations.
A special pandemic-related provision allows taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations through 12/31. Read more from #IRS: https://t.co/GTLfLdAwX9 pic.twitter.com/YVAK8Br4WO— IRSnews (@IRSnews) December 28, 2021
For the latest updates from the IRS, visit the IRS website and search for the IRS Tax Tips page.