Author Archives: Heaven Palamitia
Tax Season UpdatesLeave a Comment
Tune into our webinar to hear about some important tax law changes going into the new tax season as well as ERC, Build Back Better, Retirement Options and much more!
Fall Newsletters 2021Leave a Comment
Tax Planning WebinarLeave a Comment
Do you know why Tax Planning is so important toward the end of the year? We call it a “Dress Rehearsal” for your taxes so we can all go into the new year knowing what to expect and feel less stressed.
RESTAURANT RETURN-TO-WORK TAX CREDITLeave a Comment
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Manufacturing Newsletters 2021Leave a Comment
Construction Newsletters 2021Leave a Comment
Law & Legal Newsletters 2021Leave a Comment
Auto Focus Newsletters 2021Leave a Comment
Child Tax Credit:Leave a Comment
Child Tax Credit Advance Payments:
Did you receive a check from the IRS for an advance payment on the Child Tax Credit? Are you wondering what this may mean for your tax situation?
Child Tax Credit increased from $2,000 in 2020 to $3,000 (children under 18) or $3,600 (children under 6) in 2021.
The IRS will pay half the total credit amount in advance monthly payments which began on July 15. You will claim the other half when you file your 2021 income tax return.
To be eligible you must have:
- A qualifying child
- You provide half of the qualifying child’s support
- Child lives with you for more than half of 2021
- You claim your child as a dependent
We can help determine what this will mean for your tax situation and any information you will need in the meantime.
Please contact us, our team of experienced professionals can help!