News you can use
Additional child tax credit is on its way
Some families may be seeing an additional $250 or $300 (depending on the age of dependent) per month for each dependent child in their household according to the law that was passed in March of this year. The IRS said that they are on a course to begin stimulus child tax credit payments in July and those payments will continue through the end of the year. If all credit is not received in 2020, the remainder will be available as credit on 2021 tax return.
Capital gain rates may be as high as 39.6%
It is expected that all of the debt our country has gotten into will need to be “repaid” somehow. The easiest way for the government to claw back money is through taxes. Overall rates will most likely increase as well as favorable capital gain rates to possibly of even 39.6%. Current long term capital gain rates are 0%, 15% and 20%.
What will happen with student loans?
Recently there has been talk that federal student loan debt or part of it could be forgiven in one of the next care packages that President Biden might be interested in passing. As of right now, the hold has been put until the end of September on student loans, meaning payments do not have to be made and interest is not accruing. Here is an interesting article that shows where Congress stands on the proposal of having all or part of a student loans forgiven.
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Have you filed your tax return yet?
Have you filed your tax return yet? You are probably wondering if CPAs have their tax returns filed as soon as filling season start. Well, let me tell you something; from my experience, most of the CPAs who work in public accounting wait until the last minute, including myself ha! Is there a reason for this? Not necessarily, it is just that we get so busy doing other people’s tax returns and other work-related things that we do not even think about our tax return.
However, if you have not filed your taxes yet and need help, please give me a call or click the link below to schedule a free consultation. Your favorite current or future CPA 👩💼