The advance monthly payments for the Child Tax Credit in 2021 are making filing taxes this 2022 tax season more complicated, so be sure to take these steps before you file—and/or get our advice quickly. Make sure you’re up to speed on how the Child Tax Credit has changed. For tax year 2021, the regular Child Tax Credit increased from $2,000 per qualifying child to: $3,600 for children ages 5 and under at the end of 2021; and $3,000 for children ages 6 through 17 at the end of 2021. However, these amounts will be lower if you received the advanced child tax credit last year. Advance payments. The advance payments of … Read More
2021 taxes
The COVID Factor
COVID has triggered a lot of change in the world, and will complicate your taxes this year. Be sure to get qualified, professional tax help before filing, and be ready to answer at least some of the following questions: Did you get your stimulus checks? The amount of your stimulus payments must be reconciled on your 2020 Form 1040 to determine if you qualify for the Recovery Rebate Credit. The recovery rebate credit is a new addition to the federal income tax return. Did you qualify for stimulus payments but didn’t receive them or didn’t get the full amount to which you are entitled based on your 2020 income? The Recovery Rebate … Read More