The IRS and the Arizona Department of Revenue are expected to start accepting returns on or around Jan. 23, though that date is not yet final.
A new year means the annual ritual of filing federal and state income-tax returns isn't far off.
If one spouse is 65 or older, filing is required with income above $27,300. For a married couple with both spouses 65 or older, it’s $28,700 in income or above. And there are various other thresholds for heads of household, married couples filing separately and surviving spouses, as explained more fully in IRS Publication 17, along with anSeniors should keep in mind that some of their Social Security retirement benefits might be taxable.
Some companies will help you file your federal return for free but might charge for state returns, so read the fine print. The IRS hasn’t yet unveiled the program for the 2022 tax year. For tax year 2021, people with adjusted gross incomes of $73,000 or less were eligible.include those offered by VITA, or Volunteer Income Tax Assistance, and TCE, or Tax Counseling for the Elderly.
Other changes for 2022 affect the child tax credit, the additional child tax credit, the credit for child/dependent care expenses and the earned income credit. IRS Publication 17, which can be viewed at The American Rescue Plan of 2021 had changed the reporting threshold for business transactions to $600 per year, from any number of transactions, from a prior aggregate amount of $20,000 from 200 or more annual transactions. As a result of the delay, third-party settlement organizations won’t need to report to the IRS, for tax year 2022, transactions worth as little as $600 in total.
The new law is not intended to track personal transactions such as sharing the cost of a car ride or meal, for birthday or holiday gifts, or paying a family member for a household bill. Still, the AICPA cited"significant concern about the mistaken issuance" of 1099-Ks, possibly with some going for personal transactions, and with added work for professional tax-return preparers.The IRS on Jan.
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