The Biden White House has made Tuesday, February 8, a “day of action” to remind Americans to sign up for two huge tax credits when they prepare their federal tax returns this year. One is the expanded child tax credit, we will pay the second half of which on this year’s tax return. The other? The Earned Income Tax Credit, which the Biden administration has nearly tripled for workers without dependent children.
For the 2021 tax year, the credit received a onetime increase from $540 to $1,500 for 17 million workers without dependent children. That’s according to a White House fact sheet, which also says the increase includes younger workers (ages 19-24) who were previously ineligible and are not part-time or full-time students. As well as older workers (65 and older) newly eligible for the credit.
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Earned income tax credit
“Many families who qualify for the Child Tax Credit also qualify for the Earned Income Tax Credit and can get thousands of dollars in additional tax relief by filing their taxes this year,” the White House says. “In addition, the American Recovery Plan nearly tripled the EITC for workers without dependent children to $1,500 and made millions more Americans eligible.”
To help Americans get the credits we owe them, such as the Earned Income Tax Credit, the White House’s “Day of Action” coincides with the recent re-launch of ChildTaxCredit.gov. The updated website has several new features to help taxpayers file their taxes. As well as accessing the remaining expanded Child Tax Credit, the total Child Tax Credit amount and/or the Earned Income Tax Credit when tax filing season begins.
Importantly, this website includes a new tool that directs taxpayers to the free assisted filing options that are best for them. This tool is based on the taxpayer’s answers to a handful of simple questions.
Meanwhile, many U.S. cities and states, as well as government agencies, are working to publicize the tools, resources and credits available this tax season. We can find here more details on this.
2022 Tax Refund Schedule
Twenty-one days is about how long it should take to arrive, but that depends on several important factors. First, it assumes that your tax return has no errors or omissions. And that it also doesn’t require what the IRS calls an “additional security review.”
E-filing your return and requesting direct deposit of your tax refund is the fastest way to get your money back. The IRS also warns that “paper tax returns and paper refund checks will take even longer this year.”
This is due in part to - what else? - a backlog of returns because of a pandemic and a lack of staff. Of course, it’s being expected that refunds through the postal service will take longer to arrive.
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