As we approach the end of 2021, it is important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation including the continued global pandemic, remote and new hybrid work models, supply chain disruptions and rising inflation.
Now is the time to take a closer look at your current tax strategies to make sure they are still meaningful in today’s world and to take any last-minute steps that could save you tax dollars. While looming tax law changes have not been finalized, many tax planning opportunities still exist! Here are some issues to consider as we approach year-end.
Year-End Tax Planning
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IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments
IRS , tax avoidance , Tax Credit , Child Tax Credit , American Rescue Plan ActIn early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
Have Nagging Financial Questions?
