This article was published by the IRS. The Internal Revenue Service has begun issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 [...]
Here's a reminder for people who received unemployment compensation in 2020. If you made less than $150,000, you don't have to pay tax on the first $10,200 of your unemployment benefits. If you're married, each spouse receiving unemployment compensation doesn't have to pay tax on those benefits - also up to $10,200 each. Regardless of your [...]
It's an unfortunate reality that some businesses must permanently close their doors. If this happens to you, there are some tax-related steps you'll need to take. Here's a quick checklist of some things to do. First, if your business is no longer operating, you still need to file all final tax returns for your business by [...]
This article was published by the IRS. The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American [...]
Recent changes to the Child Tax Credit mean that more than 30 million households will begin receiving monthly payments this July without any further action. Eligible families will receive payments of up to $300 for each child younger than age 6 and up to $250 for each qualifying child ages six to 17. People will receive [...]
