Although in recent editions I have focused on explaining in broad strokes each line of the forms that are used to calculate our taxes, it is worth stopping and explaining the changes that are coming to us in the tax season that has just begun.
Here are the ones that most interest the Latino community in Las Vegas.
Let’s start with the standard deduction (the amount that is automatically forgiven from paying taxes). It increases from $24,800 to $25,100 for married clients filing jointly. For heads of household (single or divorced people who have a dependent) it increases from $18,650 to $18,800 compared to the previous year.
The new amount for those who are single or married filing separately increases to $12,550.
If you are blind or over 65, each category is increased by an additional $1,350 per person.
The other numbers remain the same in the most used credits, such as those with minor dependents.
The credit for minors is maintained with a maximum of $2000. And the credit for money earned (Earn Income Credit) is up to a maximum of $6728 for married couples with three qualifying minor children. Always remember that this credit varies depending not only on the amount of income you receive in the year, but also on the type of income you received (we will be talking about this in the future).
Something several people have asked me is whether the stimulus money (the $1,200 they gave per person) has to be returned or if they have to pay taxes on that money. The answer is NO.
If you qualified for the stimulus and for any reason never received it, when you file your taxes you can report it, and the IRS will take care of adding it to your refund. And if you have to pay instead of receiving a refund, the stimulus money you did not receive will be used as a credit to pay your liability.
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