The IRS is very hard to get InTouch with over the phone. Creating and IRS account is a much easier way to check on any issues you may have.
With an IRS account you can look up to see payment history and any scheduled or pending payments and many more options. to find out what all you can do click here
Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.
Most families do not need to take action on how to calculate this. it is based off your 2020 tax return. If that is not filed then they will base it off your 2019 return. The payments will be coming as checks or direct deposit, whichever way your receive your tax refund.
The amounts are up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17.
The IRS will issue advance Child Tax Credit payments on July 15, August 13, September 15, October 15, November 15 and December 15.
If you are usually borderline where you owe the IRS or not, or if you choose not to get the advancement and wait for the full amount the IRS is supposed to release a tool very soon.
" The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 for qualifying children under the age of 6 and to $3,000 per child for qualifying children between ages 6 and 17." This is only raised for tax year 2021.
Do you qualify for the Advancement?
AGI on line 11 of your 2020 tax return
For More information, Click here
There is now an option to opt out of the Advancement. Click here to opt out.
Here are the three upcoming sales tax holidays and what you can expect to save money on for each:
— Event 1 (Friday, July 30 – Sunday, August 1): Clothing, school supplies and computers
What you can buy- Clothing and apparel that costs $100 or less an item. School and art supplies that cost less than $100 per item. Computers, laptops and tablets less than $1,500 are also eligible. What you can't buy- Any piece of apparel that costs more than $100 is not eligible. Jewelry, handbags, and sports and recreational equipment are not included the holiday.
— Event 2 (Friday, July 30 – Thursday, August 5): Food, food ingredients and prepared food
What you can buy- All food items and ingredients are eligible for the tax-free week, as is prepared food from restaurants, food trucks, caterers and grocery stores.
What you can't buy-Alcohol, tobacco, candy and dietary supplements.
— Event 3 (July 1 – June 30, 2022): Gun safes and safety equipment.
What you can buy-Gun safes, defined by the state as a locking container, or other enclosure, equipped with a padlock, key lock, combination lock, or other locking device that is designed and intended for the secure storage of one or more firearms, are eligible for the event.
What you can't buy- Firearms are not included in the event. Items sold online are also included in the tax-free events.
As an extension of the CARES Act, weekly unemployment benefits have been extended through Sept. 6, 2021, with a weekly amount of $300.
The first $10,200 ($20,400 if MFJ) of unemployment benefits for 2020 will be nontaxable for taxpayers with adjusted gross income of less than $150,000. If adjusted gross income is $150,000 or greater, the full $10,200 or $20,400 of unemployment compensation becomes taxable.
Reduces premiums payable by providing premium assistance from April 1, 2021, through Sept. 30, 2021. Federal subsidy coverage for COBRA premiums increases to 100%. If required to notify a group health plan, failure to do so may result in $250 penalty for each failure.
2021 recovery rebates for individuals (Stimulus)
A 2021 advance recovery rebate or a third economic impact payment (EIP3) of $1,400 ($2,800 MFJ) will be issued to each eligible individual plus $1,400 to each dependent (including adult dependents).
You will not receive the payment if your income reaches $80,000 for single filers, $120,000 for heads of household with one child, and $160,000 for joint filers or surviving spouse.
An eligible individual is anyone except: Any nonresident alien individual, Any individual who is a dependent of another taxpayer at the beginning of the calendar year, An estate or trust.
The recovery rebate credit is based on the 2019 or 2020 tax return and will be reconciled on the 2021 tax return.
For payments based on the 2019 return, the bill contains a provision that allows for an additional payment if the advance of the recovery rebate is greater based on the taxpayer’s 2020 return. We do not have information on the advancement at this time.
Child tax credit for 2021 tax year.
Expansion of the credit from $2,000 to $3,000 per eligible child under age 18 ($3,600 per child under age 6). The fully refundable credit, with 50% of the credit issued as advance periodic payments starting in July, will be reconciled on the 2021 tax return. For 2021, the amount goes down at $75,000 ($150,000 for MFJ and SS and $112,500 for head of household). Once the increased credit amount is reduced, the credit plateaus at $2,000, and the phaseout begins at $200,000 ($400,000 for MFJ).
Bookkeeping Plus is still available to assist with your tax return needs. For the health of you and others, we are taking new measures to help keep everyone safe. We now provide appointment options instead of coming into the office. This includes appointments via conference call, video conference or email to reduce office traffic. To protect your confidential information, we will utilize our secure online portal to send and receive tax documents. Reach out to our office for assistance.
This form is to be completed by the authorized representative of the applicant and submitted to your SBA participating lender. Submission of the requested information is required to make a determination regarding eligibility for financial assistance. Failure to submit the information would affect that determination.
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
New updates are being made as federal and state governments respond to the impact of the COVID-19 virus. We will add links as they become available.
IRS-2020-57 states that the Treasury, IRS and Department of Labor have announced a plan to implement Coronavirus-related paid leave for workers. The announcement also includes information regarding tax credits for small and midsize businesses to help recover the costs of the leave plan.
Payments for deceased parties are to be returned to IRS. Click on link below with reference to FAQ's #10 and #41 with details on what to do.
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.