When completing a tax return, taxpayers have two options: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax.
The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
To avoid being subject to estimated tax penalties, taxpayers who may have underpaid their 2021 income taxes should make their fourth quarter estimated tax payment. The deadline for this is Tuesday, January 18,
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January.
