Use IRS Letters 6419 and 6475 to help reconcile your tax return in 2021. Early in 2021 Congress passed the American Rescue Plan. This plan included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. However, …
American Rescue Plan
Are Your Unemployment Benefits Taxable?
Are unemployment benefits taxable? As with many tax questions, the answer is “It depends”. With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the state’s weekly unemployment benefits. They added $600 per week to unemployment benefits through the end of July 2020. When this provision ran out, …
