Apr 2nd, 2021
The American Rescue Plan was signed into law by President Joe Biden on March 11, 2021. It contains several provisions. Part of the law focuses on tax provisions as well.
In this episode, there is a rundown of top ten items affecting individual tax filers.
1) The third round of stimulus payments (economic impact payments)
2) Earned income tax credit expansion
3) The premium tax credit expansion and partial waiver of repayments
4) Unemployment recipients automatically eligible for the premium tax credit
5) Child tax credit expansion
6) Child and dependent care credit expanded
7) Employer provided dependent care assistance
8) Non-taxable unemployment compensation of $10,200
9) Limits on business losses
10) Potential student loan forgiveness non-taxable
Tune in to learn more!