The health and economic crisis has negatively affected the well-being of millions of Americans. Most importantly, low-wage workers, certain minority groups, and immigrants are going through a deep economic crisis. The Covid-19 pandemic has resulted in more than 9.5 million workers losing their jobs, and 4 million have been out of work for more than …
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On July 15th, 2021, the IRS began sending out the first round of Advance Child Tax Credit (ACTC) payments. These payments were designed as a prepayment method of the previously announced Child Tax Credit that was initially supposed to be provided to eligible families during tax season. In this article, we’ll look at what the …
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Tax credits are tax breaks offered by the IRS that allow you to reduce your tax liability by the amount of the tax credit. Tax deductions reduce your taxable income, but they do not allow you to have more of a tax refund or anything like that. Basically, deductions just reduce the income you are …
If you are looking to reduce your tax bill, you may want to see if you qualify for a refundable or partially refundable tax credit. Refundable tax credits can be worth more than what you owe in taxes, meaning you may be able to have a tax refund or an increase in the amount of …
The Child Tax Credit (CTC) was created to help families with the cost of having children by offering a partially refundable tax credit. For the 2020 tax year, you can claim a tax credit up to $2,000 per qualifying child. This credit has a refundable portion worth up to $1,400. In this article, we will …
The Child and Dependent Care Tax Credit is another great tax credit you should try to take advantage of (if you qualify). It was created to help working parents with expenses incurred for the care of a child or adult, as necessary for the dependent’s well being and safety. There are some pretty extensive requirements …
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The Health Coverage Tax Credit allows you to have 72.5% of your qualified health insurance coverage premiums to be paid directly to your health plan administrator on a monthly basis on your behalf. This tax credit was created to lower your out-of-pocket payments for monthly insurance premiums. As far as tax credits go, this is …
Because of the COVID-19 pandemic, the government has made several laws and adjustments to the IRS code. This helps American taxpayers who were adversely affected by the COVID-19 pandemic. It’s a good idea to understand the efforts of the government to provide taxpayers with tax relief. If you are filing your taxes this year, you …
The Additional Child Tax Credit (ACTC) is a tax credit for taxpayers who get less than the full amount of the Child Tax Credit. This credit may give you a tax refund even if you don’t owe any tax when you file your annual tax return. That’s why some tax credits, as opposed to tax …
Have you made energy-saving upgrades in the past year? If you have, you may be eligible for a tax credit that can save you big time during tax season. Unlike tax deductions, tax credits reduce your tax liability directly, dollar for dollar. Tax deductions reduce your taxable income – what you pay taxes off of. …
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