Money Today That Matters Tomorrow
The IRS has issued updated inflation adjusted tables for the 2021 Child Tax Credit (CTC) and Earned Income Credit (EITC) to reflect statutory amendments made by the American Rescue Plan Act (ARPA) of 2021. Updates are shown below. Earned Income Credit (EIC) The EIC was …
Unless you have been living under an “investing” rock, it is clear that all things Cryptocurrency (Crypto) are in vogue. And despite trying to be a long term “smart” investor it is hard to ignore the buzz and massive gains – sometimes daily – being …
Under the American Rescue Plan Act (ARPA) funding has been provided to expand the current Child Tax Credit (CTC) to $3,000 annually per child (or $250 monthly) between the ages of 6 and 17, while increasing it to $3,600 for children under the age of 6 (infants), equivalent to …
With many news outlets reporting the well know fact that the IRS is severely backlogged (6 to 8 weeks in many cases, vs the average 3 week maximum) in processing refunds and getting a live agent nearly impossible (1 in 50 chance, according to the …
“When are my unemployment benefits actually ending?” This is a question several readers have been asking following the recent extension of federally funded enhancement benefit programs (PUA, PEUC and $300 FPUC) under the Biden ARPA stimulus bill to September 6th, 2021. However many states, per …
Millions of American’s have been relying on unemployment benefits over the last year as their primary source of income following COVID related job losses. This has also meant a growing number of jobless or underemployed folks on unemployment have or are about to reach the …
The IRS is aware that several people have updated taxable income (AGI) and dependent information in their 2020 tax filings. As a result the IRS is now processing, via their latest payment batch, additional or plus-up extra stimulus payments for tax filers who had earlier …
With one of the busiest tax seasons on record the IRS is caught between paying out the latest round of stimulus payments – $1400 per adult and $1400 per qualifying dependent (and this time adult dependents are included) – and processing 2020 tax refunds for millions of tax filers. …
Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, or other income is insufficient. Estimated taxes are generally paid by small business’, self-employed workers with variable …
While the IRS says that most refunds will be paid in 21 days, many tax filers find that it could take much longer. USA today reported that for some the wait for a tax refund has been six weeks to eight weeks already — far …
[Updated following DOL Guidelines] We finally have an official answer to the question in this article and earlier discussion around how many weeks are actually in the ARP bill that funded the second extension of enhanced unemployment benefits. The Department of Labor (DOL) has acknowledged …
I have been seeing a lot of comments from readers around IRS Tax Topic Codes they are seeing on the Where is My Refund (WMR) IRS refund tracking website, IRS2Go app or even on their IRS transcript. Many of the IRS Tax Topics are based …
While many have hailed the new unemployment tax breaks and expanded child tax credit in the Biden Stimulus Plan (ARP) as a boon to lower and middle income households, there is a concern that the IRS will have a tough time implementing and making payments …