stimulus

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Check your mail for IRS letters 6419 (advance child credit) and 6475 (Third stimulus)

Advance child tax credit payments letter can help people get remainder of 2021 credit To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total

By |2024-11-18T00:07:59+00:00January 25th, 2022|Categories: Individuals|Tags: , , , , , , , , |

New items and changes impacting 2021 taxes

In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to

By |2024-11-18T00:15:10+00:00December 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

IRS Backlog is growing

One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.

By |2021-05-08T19:57:00+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Received a 2020 Recovery Rebate Credit different than expected?

In the IRS Issue Number: IR-2021-76, the IRS indicated some of the reason why taxpayers might have received Recovery Rebate Credits (If you did not receive stimulus money and you were entitled to it, the Recovery Rebate is calculated when you file your 2020 tax return). Some of the reasons highlighted by the IRS are:

By |2021-04-19T01:40:53+00:00April 6th, 2021|Categories: Individuals|Tags: , , , |

Third stimulus payment round on its way

The third stimulus payment is on its way to taxpayers that qualify based on level of income. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly.) The reduced payments end at $80,000 for individuals ($160,000); people above these levels are ineligible for a

By |2021-03-14T03:58:55+00:00March 14th, 2021|Categories: Individuals|Tags: , , , , |

Did not receive first and second stimulus payment and qualify? Then, claim the Recovery Rebate Credit in your 2020 1040

If you did not get the first and/or second stimulus payments and you qualify based on your income level, then, you still have a chance to receive that money when you file your 2020 tax return. Inside the 2020 tax return, you have to report if you received those payments and the monetary amount. If

By |2021-02-23T21:05:40+00:00February 16th, 2021|Categories: Individuals|Tags: , , , , , , |

Second Stimulus check proposals (not yet finalized)

Democrats and Republicans have been in talks about the fourth and final stimulus relief package. Back in May, the House Democrats approved the HEROES Act but that bill was thrown out by the Republican-controlled Senate and President Donald Trump as Republicans supported the HEALS Act. Now, there is a new proposal for a $1,000 one time

By |2021-01-05T11:02:02+00:00August 4th, 2020|Categories: Individuals|Tags: , , , |
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