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2022 Tax Code Changes
The Internal Revenue Service announces changes to the tax code each year and here are some changes that will affect this year’s tax obligations:
Child Tax Credit Reduction:
The child tax credit was set at $3600 per child in 2021, but has been reduced to $2000 per child in 2022.
Charitable Deductions:
A $300 charitable deduction ($600 for married couples) was allowed without itemizing in 2021. This has been eliminated for 2022 and charitable deductions are allowed only if you can itemize.
Dependent Care Credit Changes:
Dependent care credits were increased in 2021 for one year to up to $8,000 for 1 child and $16,000 for 2 or more eligible dependents. This has been reduced in 2022 to $3000 for 1 child and $6000 for 2 or more children.
Digital Payments:
The IRS will now be requiring digital applications like Venmo, Zelle, and Ebay to name a few to issue 1099-K forms if more than $600 in payments were received (if determined to be business related). The amounts will need to be reported on individual tax forms.
Mortgage Insurance Premiums:
These payments will no longer be deductible in 2022.
Standard Deductions for 2022:
Filing Status
As always, 89tax.com is here to help interpret these changes and to apply them to our customers tax forms in accordance to the latest tax laws.