Got a Tax Question? Ask a Pro

Nicole Spector
·2 min read
Creativa Images / Shutterstock.com
Creativa Images / Shutterstock.com

Tax season is creeping up on us, and with it a maze of questions. Many of us may be losing sleep over the most random queries, such as:

  • “If I worked at home all year, what does that mean about claiming my home office?”

  • “If my spouse started a new job in the middle of the year, how do I claim our health insurance premiums?”

  • “What if I completed a job in November, was paid in December, but didn’t deposit the check until the first week of January — when is that payment taxed?”

Got a Tax Question? Ask a Pro

Taxes can seem like a sea of red tape, filled with arcane laws, ever-changing rules and serious consequences for getting even the smallest thing wrong. Not to mention there have been sweeping changes this year for filing 2022 income tax returns. For instance, credits including the Child Tax Credit (CTC), Earned Income Tax Credit (EITC), and the Child and Dependent Care Credit (CDCTC) dropped back to 2019 levels:

  • Child Tax Credit: $2,000 per child up to age 16

  • Child and Dependent Care Credit: maximum is $1,050 for one child, $2,100 if multiple children

  • Earned Income Tax Credit: Ages 25-65, $560 for childless workers, $3,733 for workers with one child, $6,935 for workers with three or more children.

It is easy to make mistakes in the complicated process of filing taxes. Among the most common errors: Carelessness in entering information, math mistakes, forgetting income or deductions, reporting uncommon income such as from crypto sales.

As you prepare to file your 2022 taxes by April 18, here are the standard deductions:

  • Single — $12,950

  • Single age 65+ — $14,700

  • Married filing jointly — $25,900

  • Head of household — $19,400

  • Blind – Add $1,400

For those saving money for retirement, here are the 2022 contribution limits:

  • 401(k), 403(b) and 457: $20,500 ($6,500 catchup for age 50+)

  • SIMPLE IRA: $14,000 ($3,000 catchup)

  • Traditional and Roth IRA: $6,000 ($1,000 catchup)

Got a Tax Question? Ask a Pro

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This article originally appeared on GOBankingRates.com: Got a Tax Question? Ask a Pro