This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. Part 1 is available on IRS.gov. Changes expanding EITC for 2021 and beyond New law changes expand
The American Rescue Plan includes retroactive tax benefits that can help taxpayers
The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns. One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized
What someone should do if they missed the May 17 deadline to file and pay taxes
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the