Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-itemizers
The NTA posted this blog, which provides helpful information about the process the IRS must take to correct “math errors” on tax returns, including the Recovery Rebate Credit (RRC)
Paid leave credit available for providing leave to employees caring for individuals obtaining or recovering from a COVID-19 immunization
The IRS upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment.
Owe Money Last Year?
If you owed money last year on your taxes, you can go to your HR department and get the amount taken out adjusted.
This is a video discussing the Advanced Child Tax Credit.
Neighbors, we just received word that the IRS has opened the online portal to opt out of the Advanced Child Credit payments that are scheduled to begin on July 15, 2021. Follow the link to learn more.
Receive Child Tax Credit?
If you have received any Pre-payments of Child Tax Credit. Please keep track of that information for they could affect next years tax return.
Receive Economic Impact Payments?
If you have received any Economic Impact Payments this year, Please keep track of them because they could affect next years tax return.
The IRS has given instructions for people who have not filed taxes and have questions on what will happen or what they should do.
Contact us at (479)-246-0104
For any tax questions you may have