Elm3's Guide to the 2021 Child Tax Credit By: Stacey Nickens The Child Tax Credit both increased in 2021 and was delivered in a different manner. Unless you unenrolled from advanced payments, parents received monthly payments of their Child Tax Credit. In total, these advanced payments should equal half of the total credit that [...]
Accessing and Using Your IRS Account By: Stacey Nickens Taxpayers can sign into their online IRS account to view their account balances, access tax statements, make payments, and complete other tax-related tasks. Beginning with this tax season, the IRS announced that they would be using a third-party identity verification service called ID.me in order [...]
Take Advantage of These Tax Breaks Before They Disappear By: Stacey Nickens Year-end tax and financial planning is always important. However, the third stimulus payments and changes to the 2021 child tax credit make year-end tax planning especially important this year. Tax payers should be aware of the income thresholds for certain tax benefits. [...]
Summer can be a delightful and exploratory time for children. I know I have fond memories of taking my children to swim lessons, art camps, and Vacation Bible School. However, keeping your child entertained during the summer can also prove expensive. With that in mind, it may be comforting to know that summer day [...]
Unenrolling from Monthly Child Tax Credit Payments By: Stacey Nickens In July, the IRS began sending out advanced payments of the 2021 Child Tax Credit. You may be interested in opting out of these advanced payments for a number of reasons. Because these are advanced payments of a credit, every dollar you receive this [...]
Opting Out of Monthly Child Tax Credit Payments By: Stacey Nickens On July 15, the IRS will begin sending out monthly child tax credit payments to eligible parents. However, what should you do if you would rather receive your child tax credit payment in a lump sum payment? You will be able to opt [...]
Changes to the 2021 Child Tax Credit By: Stacey Nickens Summer is just around the corner. Many of us may be preparing for pool days or vacations to the beach. Whether you plan to be drinking sweet tea or wine coolers, you may be interested to know that this summer won't just bring more [...]
Tax Changes Made by the American Rescue Plan Act By: Stacey Nickens The American Rescue Plan Act was signed into law on March 11, providing for a third round of stimulus to some American families. Taxpayers and their dependents may each be eligible for up to $1,400 in stimulus payments. In addition to these [...]
Tax & Funding Provisions in the Proposed Stimulus Package By: Stacey Nickens The House is expected to pass a $1.9 trillion coronavirus relief package today, after which the legislation will head to the Senate for approval. Beyond providing additional stimulus, the package includes an increase in the child tax credit, additional funding for small [...]
You may be considering saving for your child or grandchild's future educational needs. You could use an UTMA (Uniform Transfer to Minors Act) or 529 Plan to save money for a minor beneficiary. Opening either account allows you to invest contribution funds. However, while the two savings vehicles are often discussed together, UTMAs and [...]
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