The Internal Revenue Service encouraged taxpayers to take important actions to be ready to file their federal tax returns in 2022.

If you’re an individual taxpayer, some of the key items for you to consider now to make your tax filing easier include:

1. Check on your advance Child Tax Credit payments.

If you received advance Child Tax Credit payments in 2021, you must compare the amount that you received with the amount that you can claim on your 2021 tax return. The Letter 6419 that you received from the IRS should help you reconcile your Child Tax Credit Payments account. There are two possibilities:

• You received less than the amount for which you’re eligible: you’ll claim a credit for the remaining amount of the Child Tax Credit on your 2021 tax return.
• You received more than the amount for which you’re eligible: you may need to repay some or all of the excess payment when you file your 2021 tax return in 2022.

2. Request Economic Impact Payments and claiming the Recovery Rebate Credit.

As an individual, you may be eligible for the Recovery Rebate Credit based on your 2021 tax information. You can make this claim if:

• You didn’t qualify for the third Economic Impact Payment, or
• You did not receive the full amount.

Advice from Aimlon CPA P.C.: You should keep a copy of Letter 6475 that the IRS sent in early 2022 and any other IRS letters about your stimulus payments with other tax records to help you calculate your correct 2021 Recovery Rebate Credit amount when you file your tax return.

3. Charitable deduction changes.

If in 2021 you donated to a charitable organization approved by the IRS and you don’t have enough expenses to deduct your actual expenses from your income, you may still qualify to take a charitable deduction of up to:

• $600 if you’re married filing jointly,
• $300 if you’re not.

4. Get banked to get ready to direct deposit.

Direct deposit is the fastest and the most secure way to get your refund. If you don’t have a bank account, you should consider opening one with an FDIC- insured bank, or with a Credit Union.