The main thing we see changing for 2022 tax relief is more people qualifying for Offer in compromise. That is settling your tax debt for less than you owe. That is the best result in most cases, when you do qualify for it.
Why do we think this will happen more often? Expenses are going up and people’s available income – which is money they have after expenses – is less. This means more people will qualify for Offer in Compromise.
Another change is a typical raise in standard income tax deductions per individual, usually done to meet cost-of-living. Here’s the new schedule:
As has been par for the course during the global COVID pandemic, the IRS is supporting economic stimulus payments, advance child tax credits, and other economic stabilizers for businesses and individuals impacted by COVID. Families are especially pinched during a time when parents can’t be sure whether the kids will be in school or attending virtual from home, requiring childcare for a parent to work. Therefore, the IRS focuses more help for families.
It’s going to be easier to claim Earned Income Tax Credit (EITC) than ever before! Changes made in 2022:
The best thing you can do for your tax relief case is to find out if you got a good shot. If you don’t qualify we will send you in the right direction to get your case done. Give us a call at 888-515-4829 or go to tp.tax/start
This article endeavors to provide an exhaustive exploration into the intricacies of foreign trusts, aiming to offer clarity for trustees,… Read More
Understanding the ins and outs of providing free meals and/or lodging to your employees can be a bit daunting, but… Read More
As state tax revenues taper off from their peak levels, there's a growing debate over the financial viability of the… Read More
Imagine a dynamic sales tax environment across the United States, where navigating sales tax regulations feels like solving a puzzle,… Read More
As we set sail into another year of navigating sales tax landscapes, there's a wave of anticipation for the exciting… Read More
Attention self-employed individuals and small business owners! If you haven't yet claimed your sick and family leave tax credits, it's… Read More