The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. The idea of advance payments made for a refundable credit confuses a lot of people, so here’s what you need to know. BackgroundRead more about Child Tax Credit Payments Have Begun[…]

Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can save between now and December 31. If you are able, consider investing in an IRA or increasingRead more about Plan Now to Lower Your 2021 Tax Bill[…]

The American Rescue plan signed in March, 2021 requires the IRS to pay out one half of enhanced Child Tax Credits (CTC) to eligible taxpayers beginning this month. If you or someone you know have children, here’s what you need to know: Current status IRS web-sites. The IRS has created two web sites to helpRead more about Advance Child Credit Payments Update[…]

The American Rescue Plan Act of 2021 (ARPA) retroactively excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. Since this new law was signed after some tax returns had already been filed, some people who received unemployment compensation in 2020 paid too much tax and were due a refund. After the lawRead more about 2020 Unemployment Compensation Refunds Are On Their Way[…]