Feb 26th, 2021
This is a short episode to provide some highlights on the 2020 tax return that not everyone may be aware of. While I covered some of these items in past episodes, I thought the highlights would be worth mentioning again.
the recovery rebate credit is one way taxpayers may get their economic impact (stimulus) payments through filing a tax return, but they may not get as much as they expect
the earned income credit has a lookback to compare 2020 income and 2019 income to take the most advantageous for the credit
there is legislation pending that may increase the child tax credit next tax season
a reminder that unemployment income is taxable income
Tune it to learn more details!