Posted on November 22, 2021Categories Articles, Tax Tips

IRS Tax Tip 2021 Taxpayers may be able to claim the child tax credit if they have a qualifying dependent child 17 or younger. The credit is refundable in 2021, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. A dependent who doesn’t have the required SSN may … Continue reading “CHILD TAX CREDIT”

Avoid penalty for not having health insurance in 2022

Posted on November 22, 2021November 22, 2021Categories Articles, Tax Tips

You must either enroll in a qualified health plan or have a valid exemption. Starting in 2020, California residents must either: Have qualifying health insurance coverage, or Pay a penalty when filing a state tax return, or Get an exemption from the requirement to have coverage. The penalty for not having coverage the entire year will be at least $800 per adult and $400 per dependent child under 18 in the household when you file your 2021 state income tax … Continue reading “Avoid penalty for not having health insurance in 2022”