by Paula Kennedy, EA | Mar 30, 2021 | Tax
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal...
by Paula Kennedy, EA | Mar 23, 2021 | Tax
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the child care of qualifying children under the age of 13 so that the taxpayer...
by Paula Kennedy, EA | Mar 18, 2021 | Tax
Wednesday March 17, 2021: The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individual returns for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be...
by Paula Kennedy, EA | Mar 16, 2021 | Tax
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under...
by Paula Kennedy, EA | Mar 9, 2021 | Tax
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly 2021 estimated tax payments, if you’re required to make one. You may have to make 2021 estimated tax payments if you receive interest, dividends, alimony,...
