2021 Child Tax Credits

Tax Credits

Many taxpayers with children have been getting monthly deposits from the IRS and have been wondering what the catch is.  These payments are actually prepayments of your 2021 Child Tax Credit, which the government recently expanded.  Since this is a prepayment of a credit, that means that this money won’t be available to you to credit against your tax liability when you do your 2021 tax return.  So, in effect, if you were going to get a refund for 2021, then your refund will be less by the amount of the prepayments.  If you were going to owe in 2021, then you’ll owe more by the amount of the prepayment.  As always, if you have any questions, please give one of our CPAs a call.  We offer complimentary consultations to potential new clients.

Latest Tax News

Please note that we will only post things that are from official sources and have been passed into law. We will not post any information about pending legislation.

Tax Planning

Tax Planning 2021

The 2022 GA DOL Rates have posted to the portal.  Please log into your portal to print your letter and see your new rate for

Read More »