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What You Need to Know About The Biden Stimulus Plan for Your Taxes

This article was updated on May 14, 2021. To help Americans facing hardship due to the covid-19 pandemic, a third economic relief package called the American Rescue Plan was signed into law on March 11, 2021. Certain provisions could have an immediate effect on your tax situation now or become a factor when you file your tax return next year. Here is a look […]

COVID-19 Stimulus Payments and Tax Relief for the Self-Employed

Self-employed individuals make up an important part of the American workforce today, and many have lost income or their jobs entirely due to the COVID-19 outbreak. “Self-employed” refers to anyone who earns income but is not employed in the traditional sense. Gig workers, freelancers, small business owners, and independent contractors are considered self-employed. Taxpayers that are in a […]

The 2021 Recovery Rebate Credit

To help offset the financial impact of the COVID-19 pandemic, the U.S. government delivered three separate Economic Impact Payments (also called stimulus checks) to millions of Americans in 2020 and 2021. The first two checks were reported on 2020 tax returns (taxes filed in 2021). The third stimulus check will affect tax returns filed in 2022.   The Recovery Rebate Credit (RRC) is a refundable federal tax credit that is available […]

5 Reasons You Should File 2020 Taxes Now (and Not Wait)

The federal tax filing deadline was extended until May 17, 2021, which gives taxpayers an additional month to file and pay income taxes. The IRS is still encouraging people to file as soon as possible, especially those who are owed a tax refund.     There may be circumstances that require you to wait and file your 2020 tax return closer to the May deadline. But here are five reasons […]

What to Know About the Recovery Rebate Credit for 2020 Taxes

To help offset the financial impact of COVID-19 for individuals across America, the U.S. government issued two* rounds of economic impact payments (stimulus checks). The first was worth up to $1,200 per qualified adult in each household, plus $500 for each qualifying dependent. The second was for up to $600 per qualified individual in each household.  Your eligibility to receive these stimulus payments […]