According to an article last week from Yahoo Money tax season is going well this year, and indeed there are bigger refunds being seen. And it's going well, with the IRS actually ahead of where they were this same time last year.
The average refund this year is $3,352, compared with $2,967 this time last year — a 13% increase.
And remember if you can file electronically, do, because your odds are better for a faster refund, assuming you are getting one.
You can read the article titled Tax season brings bigger tax refunds and 'no unexpected problems' so far in full.
Link to article: https://money.yahoo.com/tax-season-brings-bigger-tax-refunds-201852917.html
There have been several changes to the Earned Income Tax Credits (EITC) this year, and Ivestopedia did a good job of breaking it down for folks. And the good news is that even more people are covered under the expansion.
And this includes people without children. And if you are still legally married, but are fully separated you want to have a look because you could now be treated as unmarried for the EITC.
It's an easy to read breakdown of the highlights of changes, and you can see where your own circumstances may benefit under the expansions.
Link to the article:
What kind of things do you think might trigger an Audit of your return?
I think it's fair to say no one wants to go through one, but do we know what types of things tend to cause a closer look? Crypto is probably on your list, and it was on the list the Wall Street Journal put out last week too. What about being a W2 employee, working from home, and claiming a workspace; was that on your list?
Read through 10 Red Flags That Could Trigger an IRS Tax Audit in 2022 they addressed this past week.
And remember when in doubt seek the advice of a tax professional.
Link to the article:
In January the IRS had announced that it was going to be using facial recognition for taxpayers to access certain account services, and that it would be in force by this summer.
There was a lot of outcry over the idea, implementation, security and even the sense of it, Yesterday they announced that no, they are not going forward with it at this time.
Here is an article that has a lot more of the details.