The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here are some details to help people better understand these payments. Who is…
The IRS is now making monthly child tax credit payments to eligible families. Depending on the age of your child, those payments can be as much as $300-per-kid each month from July to December. That’s an extra $1,800 per child in your pocket if you get the full amount for six months. But what if the…
As many taxpayers with children likely already know, there were some changes made to the child tax credit for 2021. Most notably, part of the credit was delivered to eligible taxpayers in advance of the 2022 tax season in monthly installments (starting July 15, 2021) for those taxpayers who did not opt-out. Additionally, the credit…
Stimulus payments are being sent out by the federal government this fall. The next payment is scheduled to be delivered in about three weeks. The payments are part of the American Rescue Plan that President Joe Biden signed into law in March. In the middle of October, most American families will receive another payment as part of the expanded…
After parents were issued their child tax credit check on Sept. 15, they’ll have three more monthly payments this year and one next year. Due to changes made in the American Rescue Plan to help families, households receive 50% of the total credit in six advance installments through 2021, and the rest with a tax refund in…
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will parents to unenroll, if they…
There are pros and cons to either filing your taxes now or holding off a few more weeks in terms of the proposal for $1,400 stimulus payments. As Democrats push forward with crafting the next massive coronavirus economic relief package, key details surrounding the third stimulus check are coming into focus. Taxes are going to…
Two items in the COVID relief package affect how much money the government will send parents to cover their children in 2021. Inside the COVID relief package that could be voted on by the full House as early as next week, there are two different dollar amounts that involve children and their parents that people are talking…
Most of the time, children are considered to be an extension of their parents when it comes to a legal application until the age of majority. Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor. If your child has enough income, he or she has an obligation…
Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so you don’t have to. Domestic Production Activities Deduction This deduction was repealed, making it no longer available after December 31,…
