Tax Preparation and Consulting, Financial Counseling and Education
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Some taxpayers may have received too much in advance child tax credit payments. Others may have received too little. In some cases the taxpayer who will be claiming the child for tax year 2021 wasn’t the same taxpayer who received the advance payments. The child tax credit changes for 2021 sound simple enough at first …
Nearly every year there are changes to the tax code that impact tax return filing for individual taxpayers. There are several changes, mostly positive for 2021 tax returns. The big three are regarding: the Child Tax Credit, the Recovery Rebate Credit, and the Child and Dependent Care Credit. You can read about 5 tips for …
There are a few areas in which taxpayers will be more likely to have problems managing in their 2021 tax returns. Three of these areas are the Child Tax Credit (due to the advance payments), the 2020 COVID retirement withdrawals, and the sale of rental houses. This article discusses these areas of concern.
Letter 6419 is an IRS letter that the IRS is providing taxpayers to inform them of the total Advance Child Tax Credit Payments which they should have received. This letter is good to have when filing your 2021 tax return if you received Advance Child Tax Credit Payments. You can read more about Letter 6419 …
The IRS just announced that they will start sending out information letters, “Letter 6419” at the end of December, which is a little earlier than previously announced. This letter provides the total advance Child Tax Credit payment received, if you received any. This letter is important for filing your tax return, so keep it. If …