Category - Taxes

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There is Still Time to Lower Next Year’s Tax Bill
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End-of-Year Tax Tips for 2021
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Tax Proposals in Congress Not as Bad as Feared
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Update on the Enhanced Child Tax Credit
5
Enhanced Child Tax Credit for 2021

There is Still Time to Lower Next Year’s Tax Bill

There really is still time to do a few things that can alter the way your tax bill looks next year…if you act quickly. USA Today offered “Ten tips to lower your federal income tax bill before 2021 ends“.

Wait on that bonus
If it is possible, ask to get your year-end bonus next year. That way, it is not part of your income this year. We are often told not to pass along potential issues to the future. At the same time, it is also advisable to live in the moment. When it comes to paying less …

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End-of-Year Tax Tips for 2021

The IRS offers tips on “What taxpayers can do now to get ready to file taxes in 2022” because it is never too early to get your tax records together for the upcoming tax season. The IRS is the most official source for updates on tax laws. However, a Fee-Only Financial Advisor can offer advice based on their review of your individual financial situation.

And CNBC.com points out that even with a few weeks left in the year, you can still adjust your withholding and add more to your retirement savings account. Changes you make as the year …

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Tax Proposals in Congress Not as Bad as Feared

The latest tax bill advanced in Congress is notable in its absence of provisions that were expected to be “game changers” (see below). And that’s a good thing for taxpayers.

On Saturday, September 25, 2021, the Congressional House Budget Committee voted to advance a $3.5 trillion spending package to the House floor for debate. The House Ways and Means Committee and the Joint Committee on Taxation had previously released summaries of proposed tax changes intended to help fund the spending package. Many of these provisions focus specifically on businesses and high-income households.

Expect these proposals to be modified; some will …

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Update on the Enhanced Child Tax Credit

Earlier this year in April, I wrote about the changes Congress made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:

  • Amount has increased for certain taxpayers
  • Is fully refundable (meaning you can receive it even if you don’t owe the IRS any taxes)
  • May be partially received in monthly payments

The new law also raised the age of qualifying children to 17 from 16, meaning that more families will be able to take advantage of the credit for at least …

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Enhanced Child Tax Credit for 2021

The American Rescue Plan Act of 2021 (ARPA) ushered in several tax changes that we highlighted in this post last month. One of those tax changes involves the Enhanced Child Tax Credit. If you have qualifying children under the age of 18, you may be able to claim a child tax credit (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial and temporary improvements to the child tax credit for 2021, which may increase the amount you might receive.

Ages of

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