BUFFALO, N.Y. (WKBW) — January 24th marks the first day you can file your federal tax returns for 2022, so 7 News talked to an expert to see how you can maximize your savings via tax credits.
"It comes down to four major areas ...
- The Child Tax Credit
- The Daycare Credit
- Earned Income Credit
- Stimulus Credit
... they are all relatively easy to qualify for, and can bring you in a massive check," said Esther Gulyas, the president of EG Tax Services in Tonawanda.
Here's a breakdown of the credits and how you can qualify:
- Earned Income Tax Credits: tax breaks based on family or household income. You qualify if you make less than approximately $60,000 a year.
- Child Tax Credits: tax breaks up to $8,000, depending on how many and how old your children are. You qualify for some degree of money if you have at least one child under the age of 18.
- Daycare Tax Credits: qualify up to half of money spent on daycare services, as long as children are under 13 years old.
- Stimulus Tax Credits: only eligible if you did not receive stimulus checks for children in 2021.
"There's a ton of money to be made, we've had tons of clients walking out with ten thousand, twenty thousand dollar checks - all based on these credits. Right now the IRS is paying you," Gulyas added.
Gulyas also warns to make sure to file your tax returns online via the website, found here - citing delays within the system that have left more than three million 2020 tax returns still not returned.
"You will be sitting in a pile of muck for months, most likely not getting your returns back. Do everything online," Gulyas added.
If you'd like to file your tax returns yourself:
"Tax season is underway; here's how to file your returns for free in New York State"
The deadline for submitting your tax returns is on Monday, April 18th.
"Take your time, do not leave any money on the table," said Gulyas.