Families will begin to receive the advance monthly Child Tax Credit (CTC) payments next month, but some parents may want to opt out. Those who owe money to the Internal Revenue Service, saw their incomes increase significantly this year, or recently filed for divorce may want to consider unenrolling from Read more…
Two of Biden’s proposed tax changes could cause Americans to see reduced returns on certain property sales. As a follow-up to his $2.3 trillion infrastructure package, President Joe Biden has rolled out a $1.8 trillion plan to address other priorities including education and child care. To pay for the plan, the White Read more…
Your 2020 tax bracket and federal tax rate are both crucial pieces of information if you want to keep as much of your money as possible. The first step to surviving tax season is to know which bracket you fall into and which category you’ll file under. From there, do Read more…
The child tax credit isn’t anything new, but it has gotten a major overhaul in the American Rescue Plan Act of 2021. The third stimulus package increases the amount of the credit, makes it fully refundable and paves the way for families to receive advance payments of the credit later this year. Read more…
Joe Biden didn’t campaign for president as a tax-cutter, but his first big legislative package is turning into a bigger tax cut than the landmark tax bill President Trump signed with great fanfare at the end of 2017. The $1.9 trillion American Rescue Plan includes at least four provisions that Read more…
With another stimulus bill on the verge of going into law halfway through tax season, filing now or later may affect how much you get in your next stimulus check. If your income dropped in 2020 compared to 2019, you should file immediately online. But if it increased, you might consider waiting Read more…
Will HealyTue, February 23, 2021, 3:00 PM You might be surprised to learn that your bonus can be taxed at a higher rate than your regular earnings. In fact, the IRS imposes a tax rate of 22% on the first $1 million in bonus income and a tax rate of 37% Read more…
