The Latest from The American Rescue Plan
Although we are not sure of the “how”, here is a recap of the benefits you can expect sooner or later if your taxable income is up to $75,000 for single or married filing separate taxpayers, up to $112,500 for heads of household or up to $150,000 for taxpayers filing married joint: If your income is slightly higher than these limits, you may qualify for a reduced payment.
– Payment of $1,400 for each US taxpayer and US dependent claimed on your 2020 tax return.
– $3,600 refundable child tax credit for each US dependent child under 6, $3,000 for other children under the age of 18 claimed on your 2021 tax return. Individuals eligible for this credit will get advance payments from July 1 thru December 31, 2021. This credit is fully refundable and is extended to low-income families residing in Puerto Rico and US Territories. You must be a US resident for at least six months of the year to qualify.
– $300 per week of Federal Unemployment compensation through September 6, 2021 is available to US permanent residents who have lost their jobs. If you received unemployment in 2020, the first $10,200 is tax free…the same will be true for 2021.
– The tax return filing and payment date is automatically extended to May 15, 2021.
There are many other business, state/local government, and infrastructure benefits available…we will provide more details as become available. Contact us for more information and to start your tax filing.
