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Advance Child Tax Credit

Advance Child Tax Credit

As part of the American Rescue Plan Act passed in March, the child tax credit was expanded to provide families credits of up to $3,600 per child (under age 6) and $3,000 per child (ages 6-17).  In addition, families are eligible to receive monthly payments...
American Rescue Plan Act of 2021

American Rescue Plan Act of 2021

There are several tax provisions in the latest Covid relief bill that was signed into law by President Biden today.  Among those, a provision that makes the first $10,200 in unemployment benefits received in 2020 tax-free for taxpayers making less than $150,000 per...
Recovery Rebate Credit

Recovery Rebate Credit

The stimulus checks many Americans received were an advance payment of a special 2020 tax credit, the recovery rebate credit.  When you prepare your 2020 personal income tax return, you will need to reconcile the amount you received with the amount you were...