News For Your Week Ahead: March 11, 2022

On this week’s episode of MSATP TV, Rob Smith of Liscio will joined us for the 3rd episode of his Lunch & Learn series where he will discuss how to manage tasks in Outlook, Microsoft To Do and OneNote. Rob tells you how to better keep track of tasks to completion and streamline your workflow, tune in to learn more!

Watch on YouTube.

Coming Up: On Thursday, March 24th at 12 p.m. Rob Smith of Liscio will join us for the 4th episode of his Lunch & Learn series where he will discuss Microsoft Teams and how to better set it up to fit your business. In this Lunch & Learn series, you can now view our episodes live on LinkedIn, Facebook, YouTube, and Twitter! If you have questions for the speaker, you can ask them directly in the comments section of the stream on all platforms. Be sure to follow us on all of our social media to enjoy our upcoming events and stay up to date on the latest news!

IRS Revised 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQs | IR-2022-53

The IRS updated its frequently asked questions (FAQs) (FS-2022-17) PDF on the 2021 Child Tax Credit and Advance Child Tax Credit Payments. These updates are to help eligible families properly claim the credit when they prepare and file their 2021 tax return.

These changes reflect that Publication 972, Child Tax Credit, has become obsolete. Taxpayers should refer to Schedule 8812 (Form 1040). Schedule 8812 (Form 1040) is now used to calculate child tax credits and to report advance child tax credit payments received in 2021, and to figure any additional tax owed if excess advance child tax credit payments were received during 2021.

For more information, click here..

E-Filing Options Make Tax Time Easier on Member of the Military and Their Families | COVID Tax TIp 2022-36

Active-duty military personnel have options for free federal tax preparation. One is IRS Free File. This program offers, online tax preparation, electronic filing, and direct deposit of refunds, at no cost.

Members of the military and their families who have an income of $73,000 or less in 2021 may choose from any of the IRS Free File tax software companies to help them prepare their tax returns online.

For more information, click here.

Two Tax Credits That Can Help Cover the Cost of Higher Education | Tax Tip 2022-38

Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education. There are two education tax credits designed to help offset these costs – the American opportunity tax credit and the lifetime learning credit.

Taxpayers who paid for higher education in 2021 can see these tax savings when they file their tax return. If taxpayers, their spouses, or their dependents take post-high school coursework, they may be eligible for a tax benefit. To claim either credit, taxpayers complete Form 8863, Education Credits, and file it with their tax return.

For more information, click here.