Life Kit Your tax refund, explained
Mar 28, 2022
Kimberly Washington, a savvy CPA and tax analyst, dives deep into the intricacies of tax season. She offers expert tips on maximizing your refund and highlights crucial deductions that often slip under the radar. The conversation addresses the impact of pandemic-related payments, ensuring families can benefit from the child tax credit, and strategies to navigate common tax challenges. Additionally, Kimberly shares essential filing tips to safeguard against tax fraud, helping listeners approach this taxing time with confidence.
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Taxpayer Concerns
- Many taxpayers anticipate smaller refunds this year due to confusion surrounding pandemic payments.
- This confusion stems from uncertainty about how stimulus payments and the child tax credit affect refunds.
Child Tax Credit Guidance
- Create an online IRS account to track child tax credit payments and verify the amount received in 2021.
- Report the received amount and determine eligibility for additional credit when filing.
IRS Account and Recovery Rebate
- Set up an online IRS account to check filing history, refund amounts, and other tax information.
- Take advantage of the Recovery Rebate Tax Credit if you missed the third stimulus payment.