Submitted by Tonya Perkins
Electronic filing for the 2021 Tax Year begins Jan. 24. There are multiple changes relating to this tax year, and the following are just a few examples. If you paid child and dependent care expenses in 2021, you are now eligible for a refundable credit. Taxpayers receiving an Economic Impact Payment (Recovery Rebate Credit) between March 1 and Dec. 31, 2021, should receive Form 6475 in January, confirming the money received. This form is to be used to reconcile the money received when the tax return is filed to prevent a delay in processing. Those who claimed the Advanced Child Tax Credit will receive Letter 6475 this month, confirming the money received for reconciling these funds when filing this year to prevent a delay in processing. So far there is no legislation allowing a credit to any unemployment benefits received.
If you are interested in setting up an account with the Internal Revenue Service to manage your taxpayer information or need to access tax information, go to IRS.gov and click on “sign in to your account.”