19

THE SAUGUS ADVOCATE – FRIDAY, JANUARY 27, 2023 BHRC | FROM PAGE 18 OVERDOSES AND NALOXCHILD TAX CREDIT FOR 2022 he child tax credit in the amount of $2,000 per qualifying child is allowed for calendar year 2022. A qualifying child for purposes of the child tax credit is a child who: 1. is claimed as your dependent on your tax return; 2. was under the age of 17 at the end of 2022; 3. is your (a) son, daughter, adopted child, stepchild or a descendent of any of them (for example, your grandchildren); (b) brother, sister, stepbrother, stepsister, or a descendent of any of them (for example, your niece or nephew), whom you cared for as you would your own child; or (c) foster child (any child placed with you by an authorized placement agency whom you cared for as you would your own child, and 4. is a U.S. citizen or resident alien. An adopted child is always T treated as our own child. An adopted child includes a child placed with you by an authorized placement agency for legal adoption even if the adoption is not fi nal. An authorized placement agency includes any person or court authorized by state law to place children for legal adoption. Remember, the child tax credit is a dollar for dollar tax credit and not simply a deduction to be utilized in order to reduce your otherwise taxable income. It was the Tax Cuts and Jobs Act passed by Congress in 2017 that provided for the increase from $1,000 to $2,000. There is a $500 tax credit allowed for each qualifying child for whom the credit is not otherwise allowed and for each qualifying relative. An example might be a parent that you are caring for or a child who happens to be age 17 or older at the end of calendar year 2022. The child tax credit begins to phase out when modifi ed adjusted gross income reaches $400,000 for joint fi lers, and $200,000 for any other filing status. The tax credit is reduced by $50 for each $1,000 of income over these thresholds. A portion of the child tax credit is refundable for all taxpayers, regardless of the amount of the taxpayer’s ONE (S 3182) – Before the 2022 session ended, the Senate approved and sent to the House a bill designed to increase access to and education about the drug overdose-reversal medication Naloxone, or a similar medication. The measure would require doctors and other medical professionals who prescribe an opioid to a patient to also prescribe Naloxone or a similar medication under certain circumstances. regular tax or alternative minimum tax liability. For calendar year 2022, the additional child tax credit is refundable in an amount equal to the lesser of the portion of the child tax credit the taxpayer cannot claim due to the tax liability limitation or 15% of the taxpayer’s earned income in excess of $2,500. If the taxpayer has 3 or more qualifying children, the threshold for the second calculation is the excess of the taxpayer’s share of social security taxes over his or her earned income credit, if that excess is greater than 15% of the taxpayer’s earned income over $2,500. The additional child tax credit may not exceed $1,500 per qualifying child under the age of 17. The $500 partial credit for any other dependent is not refundable. The additional child tax credit is claimed on Form 8812. Do not overlook this valuable tax credit when preparing your income tax return. It is a valuable “dollar for dollar” tax credit which can reduce your tax liability substantially. It is much more valuable than a “tax deduction” which will only serve to reduce taxable income. If, for example, you are only in a 22% tax bracket, a $1,000 deduction would save only $220 in taxes. The child tax credit as well as the additional child tax credit for 2022 is not as high as it was on the 2021 tax return. Congress increased the 2021 child tax credit to $3,600 for children under age 6 and $3,000 for children ages 6 to 17 due to Covid 19, but chose not to extend the increases for the 2022 calendar year. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. The bill died in the House. “We must do all we can to prevent overdoses in the ongoing opioid epidemic,” said Sen. Brendan Crighton (D-Lynn), the sponsor of the bill. “This law would help improve education of and access to Naloxone, which in turn can save lives in emergency situations. I look forward to re-fi ling this bill and working with my colleagues to get it signed into law.” SEABEES DAY (S 3159) – Before the 2022 session ended, the House and Senate approved and former-Gov. Baker signed into law a bill designating March 5 as United States Navy Seabees Day in recognition of the birthday of the United States Naval Construction Battalion, better known as the Navy Seabees, formed on March 5, 1942. Supporters said the Seabees were created for a dual mission to build and to fi ght in support of combat operations, humanitarian outreach and nation-building. Sen. Mike Rush (D-Boston), the sponsor of the measure did not respond to repeated requests by Beacon Hill Roll Call to comment on the signing of the bill and why he fi led it. QUOTABLE QUOTES – While Gov. Maura Healey and Lt. Gov Kim Driscoll assumed office on January 5th, the other four statewide constitutional offi cers were not sworn in until January 18. Here are some quotes from each of their remarks on Inauguration Day: “My hope is that every day, women and young people who look like me—and see the incredible work of this office—will feel less invisible, despairing and lonely because there continues to be a shining example of what is possible. We can provide greater economic opportunity by tackling wage theft; protecting residents from predatoPage 19 ry practices and scams; fi ghting to ensure families have the tools they need to buy or stay in their homes; and punishing unfair or discriminatory practices that stand in the way of upward mobility and opportunity.” ---Attorney General Andrea Campbell “I love this state. It is full of talented, diverse, hard-working people of every color, background and religion. I am so honored that you have again placed your trust in me as your treasurer. I look forward to building upon our work to ensure that everyone who calls Massachusetts home has equal opportunities to achieve economic stability and security for themselves and their families for generations to come.” ---Treasurer Deb Goldberg “We know representation matters and I am thrilled that we have a more representative and diverse group of leaders recently elected across our state. Congratulations. But I submit to you that if we really want to see the bold and meaningful change that working families and historically underserved communities need and deserve — we must also talk about access - and why access matters. ---Auditor Diana DiZoglio “One of the things we’re seeing is that there’s a need for better civic education, especially in high schools, of what the signifi cance of elections are. I mean, I think the root cause of some of the election denialism and some of the other hostility that’s out there is people don’t really understand what government is supposed to do.” ---Secretary of State Bill Galvin HOW LONG WAS LAST WEEK’S SESSION? Beacon Hill Roll Call tracks the length of time that the House and Senate were in session each week. Many legislators say that legislative sessions are only one aspect of the Legislature’s job and that a lot of important work is done outside of the House and SenBHRC | SEE PAGE 21 PUBLIC AUCTION FRIDAY, FEBRUARY 10TH AT 2:00 PM MORTGAGEE’S SALE OF REAL ESTATE • MELROSE • 8 ROOM / 4 BEDROOM 2-STORY COLONIAL STYLE HOME ±1/3 ACRE ON 662 Franklin Street FEATURES: MELROSE, MA TO BE SOLD ON THE PREMISES • 2 Story Colonial Style Home • ±13,052 S/F Of Land • • Total Of (8) Rooms w/ (4) Bedrooms & (2 ½) Baths • • ±3,932 S/F of Gross Living Area Above Grade • Oil Hot Water Baseboard Heat • • Full Basement • Fireplace • Open Porch • Public Water & Sewer • • Clapboard Siding • Zoned: URA • Assessor’s Parcel # B12-0000068 • %ONE CAR BUILT-IN GARAGE % SALE PER ORDER OF MORTGAGEE Attorney Oscar L Suarez Of The Firm Of Halloran & Sage, LLP, 225 Asylum Street, Hartford, CT Attorney for Mortgagee TERMS OF SALE: $20,000.00 Aaron Posnik AUCTIONEERS • APPRAISERS Deposit Cash Or Certified Funds 5% Buyer’s Premium Applies Other Terms To Be Announced At Time Of Sale West Springfield, MA • Philadelphia, PA 413-733-5238 • 610-853-6655 TOLL FREE 1-877-POSNIK1 • (767-6451) MA Auc Lic #161 • PA Auc Lic #AY000241L Web: www.posnik.com • Email: info@posnik.com PUBLIC AUCTION FRIDAY, FEBRUARY 10TH AT 1:00 PM MORTGAGEE’S SALE OF REAL ESTATE • MELROSE • 10 ROOM / 4 BEDROOM 2-STORY THREE FAMILY STYLE HOME “CLOSE PROXIMITY TO ALL AMENTIES” 71-73 Grove Street MELROSE, MA TO BE SOLD ON THE PREMISES FEATURES: • 2½ Story Three Family Style Home • ±5,808 S/F Of Land • • Total Of (10) Rooms w/ (4) Bedrooms & (3) Baths • • ±2,479 S/F Of Gross Living Area Above Grade • Oil Heat • • Full Basement • Open Porch • Aluminum Siding • Public Water & Sewer • • Zoned: BA1 • (6) Car Driveway • Assessor’s Parcel # 0C6-0000079 • SALE PER ORDER OF MORTGAGEE Attorney Oscar L Suarez Of The Firm Of Halloran & Sage, LLP, 225 Asylum Street, Hartford, CT Attorney for Mortgagee TERMS OF SALE: $10,000.00 Aaron Posnik AUCTIONEERS • APPRAISERS Deposit Cash Or Certified Funds 5% Buyer’s Premium Applies Other Terms To Be Announced At Time Of Sale West Springfield, MA • Philadelphia, PA 413-733-5238 • 610-853-6655 TOLL FREE 1-877-POSNIK1 • (767-6451) MA Auc Lic #161 • PA Auc Lic #AY000241L Web: www.posnik.com • Email: info@posnik.com

20 Publizr Home