ENHANCED CHILD TAX CREDITS COMING IN JULY

Apr 14, 2021 Tax Tax Credits

As a result of the most recent $1.9 Trillion relief package, the IRS will be issuing child tax credits in the form of monthly payments, expected to begin in July of 2021.

In 2021, taxpayers can receive a fully refundable credit for dependents:

$3,600 per child under 6 years of age
$3,000 per child under 18 years of age

\ These credits are available in full to single taxpayers with Adjusted Gross Incomes of $75,000 or less and $150,000 or less for married filing joint taxpayers ($112,500 or less for head of household)

There are two phase-out calculations that can apply to taxpayers that earn above these limits.

If you have questions about how this may impact your situation, please reach out to us.

Estimated Tax Payments Update

Apr 13, 2020 Tax

Any individual or corporation that has a quarterly estimated tax payment due on or after April 1st, 2020, and before July 15th, 2020, can wait until July 15th, 2020, to make that payment, without penalty.

CARES Act tax provisions aim to stabilize pandemic-ravaged economy

Mar 26, 2020 CARES Act Tax

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, currently being debated in the Senate and expected to be voted on Wednesday night, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic.

EMPLOYEE RETENTION CREDIT UPDATES

Oct 30, 2021 Employee Retention Credit Tax

As a result of legislation from December of 2020 and recent notice by the IRS, there are new rules for eligibility of the Employee Retention Credit (ERC).

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ENHANCED CHILD TAX CREDITS COMING IN JULY

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