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H&R Block shares the top considerations for the upcoming tax season
Company highlights the importance of filing to reconcile past federal payments
KANSAS CITY, Mo., Jan. 24, 2022 (GLOBE NEWSWIRE) -- As record inflation continues to pressure Americans’ paychecks, H&R Block (NYSE: HRB) is here to help people get their biggest refund possible in a year in which tax law changes require reconciling past federal payments, such as stimulus checks and the advance child tax credit.
“There are a variety of changes people will notice when filing taxes this year, including expansions in the tax code designed to help the U.S. economy and families recover from the pandemic,” said Karen Orosco, president of global consumer tax and service delivery of H&R Block. “There’s more money for more people – from new incentives to help families, others focused on getting people back to work, and programs that help businesses hire. Our tax experts at H&R Block can help navigate all of these changes and make a real difference for filers this tax season.”
Tax prep on your terms: Many ways to file
With online, drop-off, and in-person services, H&R Block can work with clients wherever and however clients prefer. People can easily upload tax documents using the company’s MyBlock mobile app, have a live video chat with an H&R Block tax pro, or simply drop off documents and complete the filing process online later.
“We live in an on-demand society and tax preparation is no exception,” said Orosco. “Especially during the pandemic, Americans have grown accustomed to virtual doctor’s visits and food delivery in minutes from an app. H&R Block’s approach has evolved, too. Our services allow people to get their taxes done on their terms. Clients can approve and pay online, get help along the way as they prepare their own taxes online, or have a video chat with one of our skilled tax pros, who on average have more than 10 years of experience.”
Assisting customers with filing taxes in a stress-free and refund-maximizing manner, in whatever format meets their unique needs, is why H&R Block was voted “Best Tax Software Overall” by Bankrate in early 2022. Also new this year are enhancements to Block’s DIY product, including added features to the topic of cryptocurrency to ensure filers are reconciling payments accurately.
Top 10 things Americans should be aware of this tax season
Over the past two years, millions of households received federal payments such as stimulus checks and new advance child tax credit payments. This year, H&R Block stresses the importance of all Americans saving any letters received from the IRS about these payments and getting the expert help of a tax pro to make sure past federal payments were correct.
These are among the Top 10 things people should know when filing this year:
Child Tax Credit – The expanded child tax credit and new, advance payments may impact tax refunds. Filers should ensure payments are properly reconciled on tax returns and claim any additional credit to which they may be entitled.
Earned Income Tax Credit – For 2021, changes to the Earned Income Tax Credit (EITC) include more money for taxpayers without children and a permanent increase in limits on investment income. To maximize the credit, filers can use 2019 or 2021 income. Working with a tax pro can help determine if the EITC makes sense for your situation and help you maximize EITC, if you qualify.
Child and Dependent Care Credit – The child and dependent care tax credit more than doubled in 2021 and is fully refundable, meaning you can now receive the credit even if you do not owe any taxes.
Charitable Contributions Now Up to $600 for Joint Filers – The standard deduction was nearly doubled in 2018, leading far fewer taxpayers to itemize things like charitable contributions. In 2021, taxpayers are again able to deduct charitable contributions made in cash without itemizing. There are larger deductions available for those filing jointly, which reduce taxable income.
Premium Tax Credit for Health Insurance – Those who purchased health insurance through a federal or state exchange may get a larger tax credit.
Education Credit Changes – More Americans than ever are reevaluating how they want to make a living. The expanded lifetime learning credit makes it easier to gain new skills and successfully change careers.
100% Business Meal Tax Deduction – For 2021, business meals (including food and beverages) from restaurants are 100% deductible for businesses. Meals not purchased from restaurants remain at 50% deductible.
Employer Incentives and Payroll Credits for Small Business – Employers may benefit from payroll credits through the 2021 American Rescue Plan Act. These payroll credits support continued pay for employees in adverse situations and a new credit for covering health insurance premiums.
Stimulus Payments – If you got a stimulus check in 2021, reconcile through a 2021 Recovery Rebate Credit to ensure you get all the money you’re due.
Recovery Rebate Credit – Those who changed jobs or had a baby in 2021 may be eligible for more stimulus money or an even bigger tax refund. Plus, filing correctly will help avoid processing delays.
For more information on all of the ways to receive help from H&R Block when filing taxes this season, visit hrblock.com.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app and debit card, Spruce. Through Block Advisors and Wave, the company helps small business owners thrive with innovative products like Wave Money, a small business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.
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