This article was published by the IRS. 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 [...]
The due date for personal income tax extensions is just around the corner. All those who filed Form 4868 to request an automatic six-month extension will need to file their taxes by October 15, 2021. Don't forget - the extension only applies to filing the tax return itself. It does not apply to any taxes owed. [...]
Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds taxes from your pay, or you pay quarterly estimated taxes on your own. If you have income that's not subject to withholding, you may need to make quarterly payments. This includes income such [...]
Wondering when you'll receive advance Child Tax Credit (ACTC) payments from the IRS? If you're eligible to receive ACTC payments, you can generally expect your monthly installments to be deposited or mailed on the 15th of each month through December 2021. If you prefer not to receive ACTC payments because you'd rather claim the full credit [...]
It’s important to know whether the advance Child Tax Credit (ACTC) payments will affect any government benefits you may be receiving. The short answer is “no.” That’s because ACTC payments don’t count as income when a program is determining if you or anyone else is eligible for benefits or assistance. They also can’t use the payments [...]
