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Monthly Child Tax Credits Payments to Start July 15
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child...
Reasons Why You Should Hire Your Child
Are you paying your kid (or grandkid) to work for your business? You’re not? You should. No, I’m not saying you should put your four-year-old behind the receptionist desk to take calls. Or ask your middle-schooler to assist you in business deals. But if you have a...
What someone should do if they missed the May 17 deadline to file and pay taxes
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid...
IRS begins correcting tax returns for unemployment compensation income exclusion; periodic payments to be made May through Summer
WASHINGTON – The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.The IRS identified over 10...
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