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Dear Friend,
I hope you had a great week. The holidays are just around the corner! Last week was another great one at home in Arizona, and in Washington, D.C. Below please find my most recent update.
We Cannot Raise The Debt Ceiling
On Tuesday, I flew back to Washington to vote on the Democrats $2.5 trillion debt ceiling increase. This vote was rushed through Congress without any discussion on what is driving the debt to reach historic levels.
This was another fiscally irresponsible decision by Washington to allow the federal spending binge to continue. We cannot continuously borrow money while denying the reality of our economic future.
Meetings At Home in Arizona
Throughout this past week I had the opportunity to meet with constituents and attend some events around our district.
Last Monday, I had the pleasure of sitting down with local representatives from AIPAC to discuss the importance of the relationship between the United States and Israel, and its strong ties here in Arizona.
On Tuesday, my daughter Olivia and I greeted many of you while ringing in the holiday spirit in Scottsdale.
Later in the week, I had the opportunity to meet with the Real Estate Investment Advisory Council at their Southwest Signature Event.
To wrap up the week, I met with the Hindu Swayamsevak organization before they began a service drive for our brothers and sisters living in the Navajo nation.
Tips Ahead of Tax Season!
The IRS has provided a helpful list of ways to get a jump on your taxes for next year. Learn more here! Tax filing in 2022 comes with some changes and I’ve compiled information for you below:
What’s new in 2022?
Changes to the charitable contribution deduction
Taxpayers who don't itemize deductions may qualify to take adeduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021 to qualifying organizations.
Check on advance child tax credit payments
Families who received advance payments will need to compare the advance child tax credit payments that they received in 2021 with the amount of the child tax credit that they can properly claim on their 2021 tax return.
- Taxpayers who received less than the amount for which they're eligible will claim a credit for the remaining amount of child tax credit on their 2021 tax return.
- Eligible families who did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return next year. This includes families who don't normally need to file a return.
- Child Tax Credit Update Portal
Economic impact payments and claiming the recovery rebate credit
Individuals who didn't qualify for the third economic impact payment or did not receive the full amount may be eligible for the recovery rebate credit based on their 2021 tax information. They'll need to file a 2021 tax return, even if they don't usually file, to claim the credit.
Individuals will need the amount of their third economic impact payment and any plus-up payments received to calculate their correct 2021 recovery rebate credit amount when they file their tax return.
Get banked to get ready to direct deposit
Direct deposit gives taxpayers access to their refund faster than a paper check. Those without a bank account can learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.
Links to online tools, publications and other helpful resources are available at IRS.gov/getready.
Thank you for taking the time to read my weekly news update. I always appreciate and encourage your feedback. Should you have any questions or concerns, please contact my office.
Wishing you a Merry Christmas and a Happy New Year!
Sincerely,
David Schweikert
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