Jimmy Terrazas

https://fox28media.com//board-approves-paying-1000-bonuses

Tax Deadline Extended to May 17th, 2021 The IRS has also issued a tax deadline extension to June 15, 2021 for residents of Louisiana, Oklahoma, and Texas.

There was a recent change to the law, provided by the American Rescue Plan Act of 2021, where up to $10,200.00 of your Unemployment Income may be exempt. These changes are still being implemented, so if you still have not filed your tax return and you have a 1099-G. I suggest not filing your tax return until change is implemented, but we can review your tax return and be ready. The IRS will provide taxpayers with additional guidance on those provisions that could affect their... 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. See more

There may good news coming for children of struggling families... the new 1.9 trillion dollar Covid-19 Relief package would provide $3,600 per child under the age of six and $3,000 per child age 6 through 17 for a single year. The full benefit is available to single parents earning up to $75,000 annually and for couples earning up to $150,000. Payments would phase out after those thresholds. If this particular legislation is passed by Congress, the payments would begin in J...uly for one year. Another possible change to the child tax credit is families can receive the Child Tax Credit payments on a monthly basis instead of one lump sum included with your tax refund. "I am preparing Tax Refund Estimates now. First day to file is February 12, 2021!" JimmyTerrazas.com | Se Habla Español