01/10/2023
🚨 🚨 🚨 TAX Update!!! 2023
❗️In 2022, the child tax credit will no longer be $3600 for children under 7 and $3,000 for children 7-17, but will be $2,000 for children under 17. The full amount also will not be refundable, only up to $1,500 per dependent will be refundable.
❗️The dependent care will no longer be $8,000 for 1 dependent under age 13 or disabled dependent at any age and $16,000 for 2 or more dependents, but will be $3,000 for 1 dependent (for a maximum credit of up to $1,050) and $6,000 for 2 or more dependents (with a maximum credit of up to $2,100).
❗️There will be no claiming of recovery rebate credit aka stimulus on the 2022 return.
❗️There will be no 7202 covid sick leave credit for self employed individuals on the 2022 return.
❗️There will be no option to look back to 2019 earned income on the 2022 return.
❗️Starting in 2022, all payments received on business cash apps, PayPal, Lyft, Uber, Instacart, Door Dash, etc over $600 (not $20,000 as it was before) will now trigger you to be issued a 1099-K you will need to report on your tax return. The IRS receives these as well as you so they need to be reported.
❗️DHS & the IRS is linked, so if you have dependents you receive benefits for and are letting someone else claim them because you owe child support, back taxes, social security, unemployment, etc, more and more ppl doing this are triggering audits. To beat an audit, the child needs to have lived with the person claiming them at least 6 months out of the year and would need to provide school/medical records proving the child lived with them. So if you plan on letting a family member claim your dependent, now is the time to add them to school/medical records on record so that if needed they have the proper proofs to present in an audit.
❗️If you have a balance with UIA and do not have an active pending protest, they can offset your tax refund! You have to keep fighting this. File a protest, request a hearing with an administrative law judge, etc. If a final determination was made and you didn’t fight it and it’s final, you need to file a waiver due to hardship so that they do not take your tax refund.
If you owe past due city and state taxes, your federal refund could be offset.
