Procrastinating tax filers may find what early filers already know: Tax year 2022 is not producing as many happy returns as in previous years due to several changes. Here are some key changes to look for in the 2022 return.
With less than one month to go before the April 18 deadline, the majority of the nation’s 168 million tax filers are once again scrambling to download software, organize receipts and call their accountants for last-minute help.
On the upside, expanded EV tax credits and other clean energy initiatives from the Inflation Reduction Act, signed in August by President Joe Biden, could help boost refunds for some tax filers this year. And millions of Illinois filers are getting a small measure of relief from the IRS for those one-off state “tax rebate” checks mailed in September.
A few other wrinkles to consider. New EVs purchased after Aug. 17 have to be assembled in North America to get the $7,500 tax credit for 2022. A cumulative 200,000-vehicle manufacturer’s sales cap has been eliminated in 2023, but Chevy, GMC and Tesla EVs sold last year do not qualify for the credit.
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