Still stinging a little from the amount of taxes you paid for tax year 2020? Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax. Tax-free interest. The federal government does not tax …
Tax
New Tax Breaks Will Benefit Millions
The recently-passed American Rescue Plan Act contains several tax breaks for you and your family. Here are the major provisions of the bill that could mean more money in your pocket during the 2021 tax year. Child tax credit (CTC) The CTC for 2021 increases from $2,000 to $3,000 for kids ages …
2020 Tax Date Delay Plus Tax Free Unemployment Income
Individual tax filing due date: May 17, 2021 (adjusted from April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax adjustment for tax year 2020 was passed into law in March of 2021 as part of the American Rescue Plan Act of 2021. This …
