Page 25 - AreaNewsletters "Jan2023" issue

Scott Rice State Farm Insurance Agency
Scott Rice Insurance Agy Inc
Scott Rice RICP, Agent
399 Perry Street Suite 340 Castle Rock, CO 80104 Bus: 303-688-8848 Monday - Friday 9AM - 5PM Evenings by appointment.
State Farm Fire and Casualty Company State Farm General Insurance Company Bloomington, IL
State Farm Florida Insurance Company Winter Haven, FL
State Farm Lloyds Richardson, TX
2101257
Need an agent who gets your small business?
I understand the unique needs of small business owners, because I run a small business too. Contact me today for your small business insurance.
Let’s talk today.
Some tax credits return to 2019 levels.
This means that affected taxpayers will receive a signi cantly smaller refund com- pared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.
• Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
• For the EITC, eligible taxpayers with no children who received $1,500 in 2021 will now get $500 in 2022.
• TheChildandDependentCareCredit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
No above-the-line charitable deductions.
During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.
Reach out to Janell Ball, RTRP, 303-324- 8617, Pro Accounting & Tax Services, LLC to help you with your tax preparation.
25
Castle Rock “AreaNewsletters” • January 2023