Christmas and New Year is around the corner, One of the real joys this holiday season is the opportunity to say thank for being with us this year 2022! Dante Tax Team wish you the very best for the new year 2023.
The child tax credit has now reverted in 2022 back to its original limit of $2,000 for every dependent under age 16. Income thresholds for single taxpayers and heads of household are set at $200,000 to qualify (and $400,000 for joint filers). The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. In 2022, the tax credit will be refundable only up to $1,500 … Continue reading “CHILD TAX CREDIT: Up to $2,000 per qualifying dependent child up to 16 years old on Dec. 31, 2022“
Californians without coverage for the entire year will likely pay a minimum penalty. You must enroll in a qualified health insurance plan by January 15, 2023. The penalty for not having coverage the entire year will be at least $850 per adult and $425 per dependent child under 18 in the household when you file your 2022 state income tax return in 2023. A family of four that goes uninsured for the whole year would face a penalty of at least $2,550.
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.