Child Tax Credit 2021: How to Get Monthly Payments if You Don’t File Tax Returns
On July 15, the IRS will start sending monthly child tax credit payments to eligible American parents. If you qualify, the total amount of monthly payments you receive from July to December 2021 will equal 50% of the child tax credit you would otherwise get when you...
Child Tax Credit 2021: Who Gets $3,600?
The child tax credit is bigger and better than ever for 2021, which should make things a little easier for families taking a financial hit during the COVID-19 pandemic. Thanks to the American Rescue Plan Act of 2021 ("American Rescue Plan"), the credit amount is...
President Biden’s $3,600 Child Tax Credit Through 2025
Families are getting a bigger and better child tax credit for 2021. And, if President Biden gets his way, most of the credit enhancements will continue to be available for several more years while full refundability of the credit will be permanent. Thanks to the...
Monthly Payments of the 2021 Child Tax Credit Will Begin in July
After doubts about whether it was up to the task, the IRS says it's on schedule to start sending monthly child tax credit payments this summer. The American Rescue Plan offers American families a bigger and better child tax credit for 2021. For this year only,...
10 Quick Tips for Your 2020 Taxes
Are dollars, documents and deductions on your mind this month? Even if you trust your tax preparation to a professional, here are some tips that are particularly relevant given the changes that have taken place over the past year. Perhaps some of them are pertinent to...
New Exclusion of up to $10,200 of Unemployment Compensation
To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue...
IRS tax refund status
Where is my tax refund? That's the question many ABC11 viewers are asking Troubleshooter Diane Wilson as they await their money.WASHINGTON -- IRS Commissioner Charles Rettig on Thursday said the millions of Americans whose tax returns have been caught in a processing...
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the...
The Third Stimulus Checks are Here
WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit,...
What’s the Recovery Rebate Credit?
There's a new tax credit showing up on the Form 1040 this year: The Recovery Rebate Credit. If you didn't get a stimulus check – or you only got a partial check – then you certainly want to make sure you check out the credit before you file your 2020 tax return. How...
How Your Third Stimulus Check Will Differ From the First Two Payments
A third stimulus check can't arrive soon enough for people who are struggling financially. But even though we're oh so close to seeing that happen, we're not quite there yet. On Saturday, the Senate passed President Biden's American Rescue Plan, which authorizes a...
Will Your Stimulus Check Increase Your Tax on Social Security Benefits?
We've had two rounds of stimulus checks so far – and another round is right around the corner. It's nice getting unexpected money, and for some people it's a life saver. Whatever your situation, we hope you're able to put the money to good use. Third Stimulus Check...
IRS Extends April 15 and Other Tax Deadlines for Texas and Oklahoma Residents
Victims of February's winter storms in Texas and Oklahoma can wait until June 15, 2021, to file their 2020 federal income tax return. This announcement from the IRS follows a disaster area declaration from the Federal Emergency Management Agency (FEMA) for...
IRS mails 260,000 failure-to-file notices, but admits many likely are wrong
What's worse than getting an Internal Revenue Service notice? Getting a wrong IRS notice. That just happened to potentially more than a quarter million taxpayers. The IRS last week acknowledged that it sent approximately 260,000 taxpayers notices that they had failed...
States with No Estate Taxes or Inheritance Taxes
New Mexico Getty Images Overall Rating for Taxes on Retirees: Not tax-friendly. Sales Tax: 5.125% state levy. Localities can add as much as 4.313%, and the average combined rate is 7.83%, according to the Tax Foundation. New Mexico's tax is a gross receipts...
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
People working from home because of the pandemic are wondering if they can get a tax deduction out of it. It depends on your employment status. Like millions of other Americans, you may have worked from home a lot last year because the coronavirus closed your office....
When Can You File Your Taxes This Year?
The sooner you file your tax return, the sooner you'll receive any refund due (and, this year, you might also boost your next stimulus check). That's why some people like to file their return as early as possible. But this year, the IRS won't start accepting 2020 tax...
Tax deductions, no itemizing required, on Schedule 1
I've always done my taxes. When the hubby and I married, I continued this annual task, now filing our joint return. The only change is that every tax season the hubby periodically peers over my shoulder as I work on our return and chants, "Deduct! Deduct! Deduct!"...
Scammers target tax preparers in new EFIN phishing email
The Internal Revenue Service won't start accepting and processing 2020 tax returns until Feb. 12. Tax professionals, however, have been working of their clients returns since the new year arrived. That means tax criminals also doing their so-called jobs. The...
Save on Child Care Costs
The high price of child care is all too familiar to my family. The monthly cost of care for our toddler usually tops $1,000 and is second only to our mortgage payment. More than 70% of parents spend at least 10% of their income on child care, and more than half spend...
Teachers Can Deduct COVID-Prevention Supplies on Their Returns
Teachers and other educators can now deduct out-of-pocket expenses for "COVID-19 protective items" on their tax return, thanks to the COVID-Related Tax Relief Act that was passed in December. And the IRS has just issued guidance to help educators determine what is or...
