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Key Financial & Tax Professionals is a full service financial office specializing in personal and business taxes, money and debt management, and credit repair.
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Tax credits return to 2019 levels. This means that taxpayers will likely receive a significantly smaller refund compared to the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.
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Taxpayers who received $3,600 per dependent in 2021 for the CTC will, if eligible, receive $2,000 for the 2022 tax year.
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For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now receive $560 in 2022.
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The Child and Dependent Care Credit to a NONREFUNDABLE credit with a maximum of $3,000 for one qualifying person ($6,000 for two or more qualifying persons) in 2022 instead of $8,000 ($16,000 for two or more qualifying persons) in 2021.
No above-the-line charitable deductions. During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.
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Post Office Box 25742 Memphis, TN 38125
fax: (662) 874-6992
