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Information for 2022 Tax Preparation 

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Murphy Tax Associates LLC

Things to consider for the 2022 tax filing season:

1099-K: Taxpayers may receive Form 1099-K, Payment Card and Third Party Network Transactions, if they received third party payments in tax year 2022 for goods and services that exceeded $600.

Credit Changes: The Earned Income Credit (EIC), Child Tax Credit (CTC), and Child Care Credit have each returned to the 2019 levels. This means that lower income filers with young kids could see a significant decrease in their refund for 2022.

  CTC: for 2021 was $3,600 is now $2,000 for 2022

  EIC: Earned Income Credit varies greatly based on income and the number of dependents,              some filers could see this credit drop to only 1/3 of what was received in tax year 2021.

  Child and Dependent Care Credit: returns to a maximum of $2,100 for 2022, down from                $8,000 for 2021.