Updated: Jan 23
Watch for IRS Advance Child Tax Credit Letters (Letter 6419) in The Mail
Families that received advanced child tax credit payments during 2021 will need to keep an eye out for Letter 6419 already being mailed out, according to the IRS.
Eligible families that did not receive advanced payments can claim the full amount of the Child Tax Credit on their 2021 tax return. This includes families that aren’t normally required to file a tax return.
Stimulus Payments & Recovery Rebate Credit
Another letter to keep an eye out for is IRS Letter 6475 which states the amount received for the third round of Economic Impact (Stimulus) Payments issued starting in March of 2021 and continued through December 2021.
If you didn’t qualify for the third Economic Impact (stimulus) payment, or didn’t receive the full amount, you could be eligible for the Recovery Rebate Credit which can be claimed on your 2021 tax return.
Classroom Supplies & Personal Protection Equipment (PPE)
Kindergarten through 12th grade eligible educators can deduct up to $250 for out-of-pocket school expenses. Starting in 2020, personal protection equipment (PPE) was included on the list of eligible expenses.
According to the IRS, you’re an eligible educator if, for the tax year you’re a kindergarten through grade 12 teacher, instructor, counselor, principal or aide for at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.
Even if you don’t itemize deductions, you can still claim a tax deduction for charitable contributions made during 2021 to qualifying organizations. The maximum deduction is $600 for married filing joint taxpayers and $300 for all other taxpayers.
The Tax Deadline is April 18th for Most
The deadline for most taxpayers to file their 2021 tax returns is Monday, April 18, 2022, rather than the normal April 15th deadline. This is because of the Emancipation Day holiday in the District of Columbia.
Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their 2021 returns due to the Patriot’s Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.
Fleming Advisors, LLC offers tax, accounting & advisory services to businesses and individuals. For more information, visit our website or call us at 855-877-9807.