2021 New Tax Laws | TAX FREE UNEMPLOYMENT $10,200! 2021 Tax Reform 2021 Federal Income Tax Rules Wow! Big changes as we approach tax time again! There are new laws to consider while filing for 2021! Lets discuss The American Rescue Plans new $10,200 unemployment update regarding waving taxes! (Tax Cuts and Jobs Act 2021) 2021Income Tax Changes for individuals and married couples (2020 Federal Income Tax Rules) .
#Taxes, #Incometax #tax
Donald Trump's new tax laws. Tax Reform 2021. 2021Federal Income Tax Rules! The Tax Cuts and Jobs Act bill brings numerous new changes to the world of taxes.
*** Disclaimer: I am not a CPA or tax attorney, I am just a random guy on Youtube that enjoys talking to his phone, and likes looking at ways to make and save money, so please do not take this as legal, professional, or tax advice; this is for solely for entertainment purposes only and when filing your taxes always consult a professional. ***
If you already filed your 2020 taxes early and collected unemployment, you will want to file an amendment! As now the American Resuce plan is forgiving $10,200 per individual that collected unemployment; also if a couple filing jointly were both unemployed, that would be $20,400 as well!
In 2020 stimulus check and unemployment went out to millions, do not forget you do not have to pay taxes on your stimulus checks BUT you do have to pay taxes on your unemployment. If you did not have taxes withheld on your unemployment you will have to pay it when filing.
Stimulus checks that were not received but recipients were eligible, can be claimed as a rebate on your 2020 tax returns. Two rounds of checks went out, first for $1200 to individuals and $500 for dependents and the second was $600 for individuals and dependents; you can claim these if you were missed.
Child tax credit rules for 2021 will provide you will additional tax benefits while filing this year as well!
There is also Earned Income Tax Credit Relief for low to moderate income workers that can help you out if you struggled during 2020.
News source:
Official Bill:
1040-X form:
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