The Tax Advantage
901-366-3770
6148 E. Shelby Dr.
Memphis, TN. 38141
(901) 366-3770 Office
(800) 435-1201 Fax
memphistaxadvantagetn@aol.com
What’s New for 2022 Tax Year? (For 2021 taxes)
Due To Covid 19-Virtual Tax Preparation is available via Zoom, Messenger and Phone interview tax preparation; In office preparation also available, if you must come into the office, Appointment Required due to Covid-19
Standard Deduction :
$12550 for Single filers or Married Filing Separately
$18800 for Head Of Household
$25100 For Married filing Joint filers or Qualifying Widowers
Education Credit extended through 2022, up to $2500 credit (partially refundable)
Lifetime Learning Credit Increases
$7,500 Home buyers Credit Repayment- 12th payment is due up to $500 or 15% of the amount received (for taxpayers who purchased a home between April 8, 2008 and December 30,2009)
Child Tax credit increased to $3000 -$3600 per child for every child 17 and under, No minimum income requirement.
Capital gains and losses must be filed on form 8949 in addition to form Schedule D
Earned Income Tax Credit Income Limits
Earned Income and adjusted gross income (AGI) must each be less than:
•
$49,298 ($54,998 married filing jointly) with three or more qualifying children
$49,298 ($54,998 married filing jointly) with three or more qualifying children •$45,898 ($51,598 married filing jointly) with two qualifying children
$45,898 ($51,598 married filing jointly) with two qualifying children •$40,402 ($46,102 married filing jointly) with one qualifying child
$40,402 ($46,102 married filing jointly) with one qualifying child •$15,310 ($21,000 married filing jointly) with no qualifying children
$15,310 ($21,000 married filing jointly) with no qualifying children Tax Year 2021 Maximum EITC credit:
•$6,728 with three or more qualifying children
$6,728 with three or more qualifying children •$5,980 with two qualifying children
$5,980 with two qualifying children •$3,618 with one qualifying child
$3,618 with one qualifying child •$1502 with no qualifying children
$1502 with no qualifying children ***Investment income must be $3,500 or less for the year***
What To Bring To Your Appointment:
IRS Letter 6419 (this letter is pertaining to advanced child tax credit payments recieved)
Valid Unexpired I.D. for yourself and ALL of your dependents (Ex. Drivers License, Social Security Cards and Court appointed documents (if applicable) etc.)
PROOF OF RESIDENCY FOR YOU AND YOUR DEPENDENTS
SOCIAL SECURITY CARDS FOR YOU AND YOUR DEPENDENTS
ALL INCOME DOCS (W-2's, 1099's, Unemployment, gambling winnings social security, retirement etc..)
PROOF OF HEALTH INSURANCE COVERAGE if you have Market Place/Obama care- FORM1095-A Required
Mortgage interest documents, Church Tithes or charitable contribution documentation
Proof of Child Care payments (Statement)
Proof of Self Employment and a list of ALL expenses
FORM 1098-T FOR PROOF OF EDUCATION
****IF YOUR NOT SURE IF YOU NEED IT, BRING IT.!!!***
| ||||||
