When you check your checking or savings account this weekend you may be a little or a lot short. Over the past 6 months, families have been receiving stimulus checks or payments in the form of child tax credits.
Today's the day. The Federal stimulus child tax credit payments starting going out early this morning. I check my account and have received an additional $250.00 from the I.R.S. So if you haven't checked your account yet, you might want to see if you got yours. The payments will continue every month through December 2021 with the remainder of the tax credit applied to your 2021 income taxes. Basically you'll be getting half now, half latter.
The child tax credit monthly payments will start next month on July 15th (07-15-21). It's a part of the American Rescue Plan Act of 2021 signed by President Joe Biden. Families with children ages 5 and under will receive $3,600 and $3,000 for children ages 6-17. The American Rescue Plan Act of 2021 increased the standard child tax credit for 2021 from $2,000 to $3,000 and up to $3,600 for families with kids 5 and under for each child.
So did you get your stimulus check yet? A lot of people revived their payments over the weekend, myself included. I really didn't think that I would get mine until much later, at least that's how its worked the past few times anyway. Normally I end up being in the back of the line and everyone I know has already gotten their stimulus checks, then I eventually get mine. If you have direct deposit set up and the IRS (Internal Revenue Service) has your banking information on file you'll get it a whole lot faster versus a paper check by mail. I was surprised to say the least when I checked my account and it was there. I guess it was my turn to be first.
It's pretty important to understand your weakness when it comes to dealing with the IRS and your taxes. Your weakness might not be math, it may be people stealing your info and identity -- and ultimately your money.
The IRS has released a list of 12 major scams for this tax year and want you to protect yourself and your information...
Waiting on an income tax refund? Wondering about the status of your tax return? The IRS has an app for that, IRS2Go. In fact, the IRS has had an app since 2011, and new version 4.0 is now available in both English and Spanish, for iPhone and Android.
Whew, we just made it past the tax deadline. Now that our returns have been filed, are you worried about being audited? Well, you may not have to worry about that anymore, because it looks like the IRS will be doing fewer audits with the drastic budget cuts!
When Stephen McDow discovered there was an extra $110,000 from the IRS in his checking account, it was probably one of the best days of his life.
Unfortunately, the money wasn’t for him.