How the Child Tax Credit will affect your tax return
Advance Child Tax Credit payments in 2021 were incredibly helpful for families, particularly with prices going up this year. But how does it affect your tax return during the 2022 tax season? Will you owe or will you get a smaller refund? Just like many personal finance questions, the answer to this one is, “it depends.”…
Read MoreWhat to do if you can’t find your IRS Letter 6419 and other FAQs
Also known as the form 6419, the IRS Letter 6419 is a new letter anyone receiving advance Child Tax Credit payments should be anticipating. If you’re wondering when the IRS letter 6419 will be mailed, then you should know that the government sends them out as far back as January 2022. The Child Tax Credit…
Read MoreAvoid tax scams and overcome identity theft this tax season
Consumer losses due to fraud increased from $1.8 billion in 2019 to $3.3 billion in 2020, according to the FTC. The data for 2021 seems to be worse. Explore tips on how to keep your refund and avoid tax scams that prey on fears of the IRS. 1) Follow good practices to prevent identity theft…
Read More2021 Changes to Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is designed to help Americans with low-paying jobs, particularly those with children, and the changes are most helpful for those without qualifying children. Permanent changes Previously, to be eligible for the credit, people had to have less than $3,650 (2020) of investment income. For 2021, that is increased to…
Read MoreBig Changes with the Child Tax Credit – Including an Advance Payment
Stop! Don’t know where to start when it comes to claiming the Child Tax Credit? Take our short quiz to find out. The American Rescue Plan Act of 2021 really helped many taxpayers with 2020 Federal income taxes. But there are also tax changes for the tax year 2021 that will impact many taxpayers. One…
Read MoreA Tax Update on Third Stimulus and Unemployment: Your Questions Answered
We know that many of you have burning questions about unemployment benefits and the American Rescue Plan, including how they affect taxes and what is the relationship between the third stimulus and unemployment benefits. Here are answers to some of the questions you’ve asked about the third stimulus, unemployment extension, and their tax implications. How…
Read MoreMake a Powerful Plan for Your Tax Refund & Stimulus Check
We are in the thick of tax season, and the House recently approved a new stimulus bill. This is great news for many people, especially considering the average tax refund is around $2,500, and the expected stimulus check for a four-person household is up to $5,600. If you missed a previous stimulus payment, filing taxes…
Read MoreWhat Is Adjusted Gross Income?
It’s that time of year when you hear tax terms being tossed around, whether on the news, at work by the HR Department, or over coffee with friends. But what exactly do all these terms mean? A commonly used term is Adjusted Gross Income or AGI. What is AGI, and how do you calculate it?…
Read MoreTexas and Oklahoma: Three Reasons to File Taxes Soon, Even Though the IRS Deadline is Now June 15
Dear Texas and Oklahoma members, We know you’re out of the worst of the storm now, and we also know the damage that remains is real. We want to share some resources where you can get help if you need it: 211.org for help with bills Red Cross for family assistance You may have heard…
Read MoreWhat’s in the Third Stimulus Bill Other than Checks?
While the third stimulus payment — which we just wrote about — is a hot topic for Americans right now, there’s actually a lot more to the American Rescue Plan. Here are some of the additional benefits you could get from the relief package. Additional Support to Families In addition to stimulus payments, the American…
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