For tax year 2021, the IRS's deadline to file your taxes is April 18th, 2022.
If you file your tax return early and owe the IRS money, you will still have to send your payment in to the IRS by this date to avoid any penalties.
The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), was enacted on December 18, 2015. The PATH Act contains several changes to the tax law that affect individuals, families, businesses and help safeguard against tax fraud.
The PATH Act mandates that the IRS not issue a refund on tax returns claiming the Earned Income Tax Credit or Additional Child Tax Credit until Feb. 15. The additional time helps the IRS stop fraudulent refunds from being issued to identity thieves and fraudulent claims with fabricated wages and withholdings.
This applies to the entire refund, not just the portion associated with these credits.
For 2021, the new law sets the standard deduction at:
The earned income credit applies to working taxpayers that have earned income below certain thresholds. The qualification threshold depends on the number of persons in each family. The thresholds in 2021 to qualify for this credit include:
The tax credits themselves have also increased in 2021, with the maximum credits that can be received as indicated below:
If you're eligible, you could receive part of the credit in 2021 through advance payments of up to:
The expansion of the credit also means it is fully refundable, meaning you can claim the credit even if you don't have earned income or don't owe any income taxes, allows you to receive half of the 2021 estimated credit in advance, and includes children who turn 17 in 2021.
The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Any eligible individual who did not receive the full amount of the recovery rebate as an advance payment, also known as an Economic Impact (Stimulus) Payment, can claim the Recovery Rebate Credit.
The Alternative Minimum Tax (AMT) exemption in 2021 is $73,600 for individual filers ($114,600, for married couples filing jointly).
|Category||Rate (January to December 2021)|
|Business Miles||56 cents per mile|
|Charitable Services||16 cents per mile|
|Medical Travel||14 cents per mile|
If individuals or families purchase health insurance through the Health Insurance Marketplace, they may qualify for the new Health Insurance Premium Tax Credit. To qualify for the credit, your household income must fall between 100% and 400% of the federal poverty line, you may not be claimed as a dependent on any other taxpayer's return, and (if married), you must file jointly. In the case of spousal abuse or abandonment, this requirement may be waived.
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