The American Rescue Plan temporarily expands the Child Tax Credit (CTC) from $2,000 per child to as high as $3,600 for the 2021 tax year.The ARP also enhanced eligibility . It added one year to the threshold age of child.So, under new law , children upto 17 years are eligible for child tax credit. Child …
In accordance with its earlier announcement on March 17, the IRS issued detailed guidance on Monday about its postponement of the April 15 tax deadline for individuals. This automatic extension has good implication on various computation related to interest and penalty. What has been postponed to May 17th ? The last date to file the …
Easiest calculator for computing the third stimulus check amount , you are actually going to receive
Section 3101 of the Internal Revenue Code imposes a tax on wages earned by an employee. The responsibility to deduct this tax (commonly known as employment taxes ) lies on the household employer. So, if you are employing people for housekeeping or as a maid or a gardener or a nanny for your child (read …
Who is required to file a tax return? is a very common question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person having total income exceeding a specified limit but also a person who may not have income but satisfying certain …
The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you …
Read moreStandard deduction: When to claim more & when you can’t claim a penny?
W9 purpose ? W9 Form aptly named as Request for Taxpayer Identification Number and Certification is for collecting basic information about every freelancer or contractor or self-employed person’s earning an income from another person or entity. So, if you hire a nanny for your child, you must collect information about child-caregiver on W9 form if …
2021 Tax filing season is starting 12th February, but the online allotment of IP PIN (Identity Protection Pin) through IRS website started from 15th January 2021.IRS sends CP01A notices from mid-December through early January all taxpayers eligible to receive an IP PIN. This shows how much importance IRS attaches to this process that helps taxpayers to …
