$1,400 stimulus bill before tax day.
This year, the government is giving Americans a few extra days to do their taxes. Since the traditional April 15 deadline falls on Good Friday, Americans have until April 18 to apply, while those in Massachusetts and Maine have until April 19.
There are also a few items to remember this year, including the child tax credit, the final stimulus payment, and steps to take if an extension is needed.
Take advantage of the child tax credit
For parents, the child tax credit is a big deal. Under the Rescue Plan Act, families with children under the age of 6 are eligible for $3,600 per child and $3,000 per child ages 6-17, and you qualify for this if your wages are less than $75,000 as a single filer and $150,000 for joint returns. .
For the 2021 U.S. Tax Credit, eligible taxpayers who received advance payments of up to half of the 2021 Child Tax Credit can claim the rest once they file their taxes this month.
Those who are eligible should have received a piece of paper from the IRS with the amount they already received and the amount they can claim.
3rd economic impact payment
The third stimulus payment is worth up to $1,400. Most of this stimulus money was automatically deposited into people's accounts, but the amounts were calculated based on their most recent federal tax return.
If your income or family size changed in 2021, you may be eligible for more money. If you didn't get paid or you're owed more money, you can claim a tax credit on your return before next week's due date.
Tax extension
For procrastinators, you can still file an extension request before tax day. You can do it online or by mail. Experts recommend making sure you keep proof that you did it on time. The IRS has fallen behind on paperwork, so it's smart to have this documented.
Although the extension gives you more time to file, you still must pay your estimated taxes by April 18, or you will have to pay a penalty.
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