Greetings all! We hope this letter finds you and your family well! As another year has end, we are here to assist you navigate an ever changing financial and tax landscape.

Let’s highlight a few of the changes in the tax landscape for this tax season:

Sunset of Covid-19 Credits and Deductions

The increased Child Tax Credit has not been extended. For this tax season, it will be limited to dependents under the age of 16 and capped at $2,000 per qualifying child. The Child and Dependent Care Credit has reverted to its pre-pandemic maximum of $2,100 in 2022. Charitable Deductions above-the-line for up to $300 for single filers and $600 for married couples filing jointly was not extended. For 2022, charitable contributions will only be deductible for itemized filers.

Higher Standard Deductions

When you pay taxes, you have the option of taking the standard deduction or itemizing deductions. For the 2022 tax year, the standard deduction has increased to:

Our firm takes security seriously and we think you should as well. Fraudsters continue to refine their techniques and tax identity theft still is a significant concern. Beware if you:

• Receive a notice or letter from the Internal Revenue Service (IRS) about a tax return, tax bill or income that does not apply to you.
• Get an unsolicited email or another form of communication asking for your bank account number or other financial details or personal information.
• Receive a robocall insisting you must call back and settle your tax bill.

Make sure you are taking steps to keep your personal financial information safe. Let us know if you have questions or concerns about how to go about this.

Busy Season Updates

For the benefit of both you, our valued clients, and our team, we will continue to also perform services entirely contactless through our virtual office. We effectively use virtual tools, such as Zoom teleconferencing, our client-friendly 256-bit encrypted client portal, and our redesigned and informative website. Our commitment is still to provide the exceptional professional service you deserve. You can access the client portal via our website, www.tanfs.com, or clicking portal access.

Our secured portal can be accessed on your computer, tablet or mobile device. Simply login in or use the guest exchange, take a picture of your tax documents, and upload… we will take care of the rest! Please contact our office today by using our contact form, emailing (info@tanfs.com), or calling (980) 434-2044 if you would like to set up a year-end consultation.

We look forward to connecting with you soon!

Sincerely,

TFS Team