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New Tax Rebate 2022 Has Good News For you, Here’s What you Need to Know

January 24 tax season has started (Photo BusinessToday)
On Monday, January 24, the tax filing has started, the date when the IRS formally began the process of accepting and processing returns for the tax year 2021. 

On Monday, January 24, the tax filing has started, the date when the IRS formally began the process of accepting and processing returns for the tax year 2021.

January 24 tax season has started (Photo MarcumLLP)

On Monday, January 24, the tax filing has started, the date when the IRS formally began the process of accepting and processing returns for the tax year 2021.

The IRS began the Tax filing on January 24

BER published news regarding the latest rebate in 2022. According to it, thanks to all the stimulus checks that went out last year. However, there are a slew of credits and other important facts to be aware of. Furthermore, both Recovery Rebate Credit and the child tax credit, are the most essential and somehow linked to each other. Additionally, this year’s tax returns millions of Americans will receive a big impact on it.

The second credit of the first two stimulus checks everyone got during the pandemic came in 2020, during the final year of the Trump administration. As the IRS reminds everyone, The third round of Economic Impact Payments was issued starting in March 2021 and continued through December 2021. The third stimulus checks here, generally for $1,400. Not last year’s six child tax credit checks.

Read Also: $1,400 Stimulus Check To Be Sent Tomorrow, IRS Says

The Recovery Rebate Credit From the IRS

The third stimulus check will reduce the amount of the credit for those eligible as well as the total amount of your third stimulus check and the plus-up payments, in claiming the 2021 Recovery Rebate Credit, to avoid delay processing that can slow a tax refund.

Filing 2021 tax returns electronically in 2022, and the tax software would be a significant assistance in determining the 2021 Recovery Rebate Credit, according to the tax department. The Recovery Rebate Credit will reduce any tax owed to the eligible Americans for 2021 or be included in the tax refund, which can be direct-deposited into a financial account. For direct deposit, these are the requirements needed, bank accounts, prepaid debit cards, or any alternative financial products. Providing routing and account numbers is necessary.

Tax season 2022

Meanwhile, the 2021 tax returns will be kicked off on Monday, January 24.  And requests for an extension to file and pay any tax owed are also due to the IRS by Monday. April 18, for most taxpayers but, April 15 would be the date due to the federal holiday on that day this year (a Friday), which pushed the date forward to a few days, to Monday, April 18.

Also according to the tax agency, the taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns because of their Patriots’ Day holiday. Lastly requesting for an extension in filing will only have until Monday, October 17, 2022.

Related Article: $22,503 Stimulus Payment From IRS Can Be Claimed Anytime, Here’s What You Should Do