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2 New Tax Laws You Should Know About for 2022

By | Bail Bond in Fresno, Bail Bonds in Bakersfield, Bail Bonds in Kings County, Bail Bonds in Los Angeles, Bail Bonds in Tulare, Bail Bonds In Visalia, Carls Bail Bonds, Los Angeles Bail Bonds

Nothing stays the same and taxes are no exception. Every single year, the IRS changes things up. It’s in your best interest to take a few minutes and review the new tax laws for 2022 that will come into play when you work on your 2021 tax return so you’ll know if they’re going to significantly impact your ability to successfully file a tax return. The sooner you look at the new tax laws, the more time you have to make adjustments before you’re required to submit your return on April 15.

Depending on your situation, there are two major new tax laws that could significantly alter the results of your 2021 tax return.

Child Tax Credit

The 2022 tax law change that will have the biggest impact on most Americans is a change the IRS has made to the child tax credit. It’s anticipated that this particular change will positively impact about 90% of the Americans who currently claim a standard deduction.

One of the biggest changes in IRS history is how the IRS started sending the child tax credit to qualifying families each month. It made a big difference to some families who were struggling to make ends meet.

The issue you may not be aware of is that the monthly credit could significantly impact how much you owe when you file your taxes in 2022. Anyone who received monthly child tax credits throughout 2021 will receive a Letter 6419 from the IRS that will provide detailed information about the payments you received and help you understand how this will impact you when you file your 2021 tax return.

Changes to Charitable Donations

In the past, you had to itemize all of your charitable contributions if you were using them for a tax break. One of the big changes is that you now can deduct up to $300 in cash donations that you made to registered non-profit organizations. No itemization is needed.

While you don’t have to itemize your cash donations when filing your 2021 tax return, that doesn’t mean you shouldn’t. If you made more than $300 in cash donations, taking the time to itemize means you can claim those donations for up to 100% of their adjusted gross income. This is a huge change since the deduction has previously been limited to just 60%.

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Writing Bad Checks in California

By | Bail Bond in Fresno, Bail Bonds in Bakersfield, Bail Bonds in Kings County, Bail Bonds in Los Angeles, Bail Bonds in Tulare, Bail Bonds In Visalia, Carls Bail Bonds, Los Angeles Bail Bonds

We’ve all had a situation where we didn’t have as much money in our accounts as we thought we did. This can result in a bounced check. As soon as we find out about our mistake we contact the people/business and banks involved in the issue and try to resolve the matter as quickly as possible. Resolving the matter not only usually means covering the original cost with a good check, but also paying some substantial bank overdraft fees.

That situation is completely different from cases that involve writing bad checks. What sets writing an accidental bad check apart from writing a bad check which results in you facing criminal charges is your knowledge about the amount of money you had in the bank at the time you were writing the check.

Making a mistake about the amount of money you have in your account is not a crime in California. Writing a check when you know you don’t have enough money to cover it is a criminal act and will likely be prosecuted.

Cases involving bad checks have changed during the past twenty years. They have actually become harder to defend. In the past, it was believable that a person might think that they had 200 dollars in their checking account when there was only $100 available. Often this happened when they had forgotten about another check they’d written or when a deposit hadn’t yet cleared. These days, banks have mobile apps that allow clients to check exactly how much money is in the checking account at any time of the day. The ability to instantly check the amount of funds available makes it harder to claim ignorance.

Writing bad checks is a wobbler offense. Whether the matter is treated as a misdemeanor or felony depends on the size of the check you wrote. If the amount is more than $950, the case becomes a felony.

A misdemeanor conviction for writing bad checks in California carries a maximum sentence of a year in a county jail and/or a $1,000 fine. The maximum sentence for the felony conviction of this crime is three years in jail and/or a $10,000 fine. It isn’t unusual for community service and probation to be part of the sentence in these types of cases.

Criminal charges for writing bad checks might be only part of your legal headaches. In these situations, the victim will often file charges in civil court where they can not only seek restitution for the entire amount of the bad check as well as an additional $1,500.