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 2022Posted 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”
Will the 2022 Income Tax Season be Normal?Posted on November 22, 2021November 22, 2021Categories Articles, Tax Tips
Not likely. In addition to lasting health concerns, a number of new tax law provisions will create complications for some filers, as well as potential pitfalls to avoid. And maybe new tax laws by year’s end. The tax changes in the American Rescue Plan Act (ARPA) that went into effect in 2021 could result in out-of-the-ordinary situations for clients.