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Dear Valued Client,
This month’s newsletter covers some of the important law changes recently passed in The American Rescue Plan Act, including unemployment benefits taxability, increases in the child tax and care credits, and much more.
With so many late tax law changes, new rulings, and tax complexity affecting both individuals and business owners, it is critical you talk to us before making any significant tax or business decisions.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
This month’s newsletter covers some of the important law changes recently passed in The American Rescue Plan Act, including unemployment benefits taxability, increases in the child tax and care credits, and much more.
With so many late tax law changes, new rulings, and tax complexity affecting both individuals and business owners, it is critical you talk to us before making any significant tax or business decisions.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
It's Official! Another Round of Stimulus Payments Approved by Congress
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at the beginning of 2020, leaving many Americans without jobs or any way to support their families.
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Are Your Unemployment Benefits Taxable?
With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600 per week through the end of July 2020. When this provision ran out, and with Congress at a stalemate, President Trump issued an executive order in early August that extended the supplement, but at $400 per week, with the federal government providing $300 and the state the other $100. Then, the COVID Tax Relief Act that was enacted in late December of 2020 extended the federal unemployment supplement through March 14, 2021, but at $300 per week. Now, President Biden’s American Rescue Plan that Congress enacted in March of 2021 has extended the $300 benefit through September 9, 2021, and increased the number of weeks an individual can qualify for the benefits from 50 to 74.
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Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021, and is known as the American Rescue Plan Act, will provide lower-income parents with substantial financial assistance and support various other efforts to stimulate the economy. Even though the benefit of a tax credit traditionally isn’t available until after the tax return for the year has been filed, for 2021, the IRS will pay a portion of the credit in advance in the form of monthly payments from July through December.
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How to Evaluate Your Business Idea Before Diving In
Before you jump in and start building a new business, consider key areas like your audience, your competition, and your financial feasibility.
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Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage
The recently passed American Rescue Plan Act (ARPA) includes a provision for the federal government to pick up the cost of COBRA health coverage for employees’ involuntary termination of their employment or reduction of hours subject to certain qualifications.
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Great News, Child Care Tax Credit Expanded for 2021
Great news if you are paying childcare expenses that enable you to work. As part of the American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Here are the details:
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Don't Be A Victim to IRS-Impersonating Scammers
Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and others using your name and destroy your credit in the process. They are clever and are always coming up with new and unique schemes to trick you.
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Tax Court Decision Holds Potential Impact for Travel Deductions
A case recently heard by the Tax Court was around one’s “tax home” and how it may be affected by how much time you spend in each location and how much income you generate while you’re there.
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How to Use Tags in QuickBooks Online
Where is your money coming from? Where is it going? You can use tags in QuickBooks Online to find out.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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