NewsNew Tax Breaks Benefit MillionsPublished on April 14th, 2021What you need to know The recently-passed American Rescue Plan Act contains several tax breaks for you and your family. Here are the major provisions of the bill that could mean more money in your pocket during the 2021 tax year. Child tax credit (CTC) The CTC for 2021 increases from $2,000 to $3,000 for […] Reminder: First Quarter Estimated Taxes Now DuePublished on April 9th, 2021Now is the time to make your estimated tax payment Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying first quarter estimated tax payments for the 2021 tax year. So it is time to review your tax situation for the 2021 tax year and make […] ALERT! Late Tax Legislation Creating HavocPublished on April 8th, 2021Individual tax return deadline moved to May 17 Congress’ recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year’s tax filing season. Here is what you need to know. Background Unemployment compensation was received by millions of Americans during 2020 because of the pandemic. While unemployment income […] ARPA modifications, extension of paid sick leave and family leave creditsPublished on March 26th, 2021The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First Coronavirus Response Act and […] ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax FreePublished on March 24th, 2021Individual tax filing due date: May 17, 2021 (was April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax break for 2020 was passed into law in March of 2021. This late, late, late law change is creating havoc within the system. So much so that the […] |
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