We now have another year of changes in tax law, which you will need to know for the 2022 filing season. Given the tax changes for 2022, you can get either a smaller refund, or a bigger tax bill. Which is why its recommended by many that you try to add another source of income, such as being a bookmaker. You just need a good white label sportsbook software and you are good to go.
One reason for a lower or smaller tax refund are changes with child tax credit, as well as the child and dependent care tax credit. These have been reduced in 2022. Remember that these two credits got a boost back in the America Rescue Plan of 2021. Unfortunately, it will not be extended to this year.
Tax Changes for 2022
For the child tax, a credit of up to $3,600 per child under 6 could be filed, as well as $3,000 per child for those ages 6-17. Without the boost, it goes back down to up to $2,000 per child under 17. Meanwhile, the child with dependent credit got $8,000 for one, or $16,000 for two or more dependents, but now reverts to $3,000 and $6,000 respectively. Using an Affiliate Commission Program would be a good way to help augment the difference.
Meanwhile, you can check bookie pay per head reviews for a good sportsbook software. Because in addition to the two credits, the charitable deduction in 2022 will be harder to get. The boost gives people $300 for cash donations and $600 for married couples filing together. Now, it goes back to the standard deduction, and will require people to itemize the details. Given the possibility of getting less refunds, or, even worse, end up paying, you need to get another source of income.
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