Major changes were made to the child tax credit for 2021 – but they were only temporary. Use this information now so you can hold on to more of your hard-earned cash next year when it's time to file your 2022 return.
To help you out, we pulled together a list of the most important tax law changes and adjustments for 2022 (some related items are grouped together). But no matter how, when or why the changes were made, they can hurt or help your bottom line - so you need to be ready for them.
Other 2022 tweaks are the result of new rules or annual inflation adjustments. As a result, the child tax credit, child and dependent care credit, earned income credit and other popular tax breaks are different for the 2022 tax year than they were for 2021. But most of those tax law changes expired at the end of 2021. But proper tax planning requires an awareness of what's new and changed from last year - and there are plenty of tax law changes and updates for the 2022 tax year that savvy taxpayers need to know about.īig tax breaks were enacted for the 2021 tax year by the American Rescue Plan Act, which was signed into law in March 2021. After all, the more tax planning you do, the more money you may be able to save. Now that this year's tax filing season is over, it's time to start thinking about next year's return.
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