The Employee Retention Tax Credit was created to encourage employers to continue to pay their employees during the pandemic. This credit which as the result of the CARES act, provides qualifying employers a payroll tax credit on wages paid to employees. The potential credit can be up to $5,000 per employee in 2020 and up […]
With the passage of the American Rescue Plan comes changes to the Child Tax Credit for 2021. There are several elements to the changes for this credit. Maximum credit – The maximum credit in 2021 is $3,600 for children under the age of 6 and $3,000 for children ages 6 through 17. This increased from […]
Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by […]
The IRS released the inflation adjusted tax credits for 2020. See if you may qualify. Earned Income Tax Credit – This is a refundable tax credit for those with earned income that meet the eligibility requirements. The maximum Earned Income Credit for 2020 is $6,660 for qualifying taxpayers who have three or more qualifying children, […]
