March Tax & Stimulus News!

New Stimulus and New Tax Updates! No Taxes On Unemployment up to $10,200 and more!
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Biden Plans to Sign New Stimulus Friday, March 12th

New Stimulus Brings Big Changes!

A third round of stimulus checks should be on their way to households across the US soon.
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The 3rd stimulus, a $1.9 trillion American Rescue Plan, continues the $300 a week pandemic unemployment and extends this aid until Sept. 6. The 3rd stimulus offers a new tax waiver on the first $10,200 of 2020 unemployment benefits for many Americans. This plan will also provide certain individuals with a $1,400 payment, and will increase the child tax credit. The stimulus bill passed through Congress March 10th and is now headed for President Joe Biden’s desk, with plans to be signed into law by Friday, March 12th. 

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For a full estimate of your stimulus payment, as well as your tax refund, contact TaxDoer.com 515-789-0070 Liz@TaxDoer.com

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This New Stimulus Bill will keep the current weekly enhancement on unemployment of $300 until Labor Day. It also extends the CARES Act programs Pandemic Unemployment Assistance (for gig workers and those not traditionally eligible for aid) and Pandemic Emergency Unemployment Compensation (for the long-term unemployed) until early September. The maximum duration of Pandemic Unemployment benefits increases to 79 weeks (up to 86 weeks in high-unemployment states), and for PEUC up to 53 weeks.

Workers who earned at least $5,000 in self-employment income in 2019 will be eligible for the extra $100 per week effective Dec. 27, 2020 through September 6th, 2021.

$10,200 Tax Waiver on Unemployment

The Senate-passed bill will waive federal tax obligations on the first $10,200 of jobless benefits.

The provision would apply to households with incomes under $150,000.

About 40 million people received unemployment benefits last year, according to a report issued by the Century Foundation, a progressive think tank.

If you were a receiver of unemployment in 2020, and have already filed your taxes, you can claim this money back! Contact TaxDoer.com and get your money back in your pocket! 515-789-0070 Liz@TaxDoer.com
 

The new package includes updates to the current child tax credit. In the tax year 2021, under the new provisions, families are set to receive a $3,000 annual benefit per child ages 6 to 17 and $3,600 per child under 6. The credit will also be fully refundable.
The full child tax credit will be available to individuals who earn up to $75,000 and couples earning up to $150,000. 

The IRS could start providing advances on the 2021 credit through periodic payments of $250 for school-aged children, and $300 for children under 6, starting as early as July 2021, The remainder of the child tax credit will be claimed on your 2021 tax return. 
 

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