Tax Warrior Chronicles

Your Child Tax Payments Could Be Coming Soon!

Posted on Mon, Jun 28, 2021

By: Irina Moyseyenko, CPA, MT

 

The IRS finally released the much-anticipated child tax portals and will start making advance payments to those who qualify. As you may recall from our previous blog, the American Rescue Plan Act introduced an enhanced child tax credit and directed the IRS to pay half of the original or enhanced child tax credit in advance for those who qualify. The IRS has been working hard to implement these changes and recently released tools to help with receiving the credit.

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Tax Breaks for Parents in 2021!

Posted on Mon, May 10, 2021

By: Irina Moyseyenko, CPA, MT

 

The American Rescue Plan Act (“Act”), passed in March 2021, provides significant benefits for taxpayers with children. Today we will discuss the increased tax benefits, which are applicable only to tax year 2021. These benefits will revert to their previous amounts and limits unless extended by future legislation.

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Tax Rates and Brackets at Your Fingertips!

Posted on Mon, Feb 04, 2019

Memorizing the different tax brackets, rates, standard deduction amounts, etc., is near impossible for most. Unless you are an accountant, these numbers don’t come naturally. Truth be told, even we need to look up something every now and then. As a handout at our presentations, we’ve prepared a two-page 2017-2019 comparative federal tax sheet. It is extremely helpful to have at your fingertips to quickly find brackets, limits, rates, and exclusions of more common areas of the code. Keep it handy for when you or your client may need it.

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