October 8, 2021 ▫️ Tax Planning
It’s not too soon to start looking at next year’s tax season. With complex implications from the pandemic, including new credits, remote work and more, 2021 is shaping up to be another precarious tax year.
Several factors will make 2021 tax returns more complicated than average, including the third stimulus payment that started going out in March. Though the stimulus payments aren’t considered taxable income — if taxpayers include them as income, they will end up paying more in taxes and will ultimately need to request a refund.
The child tax credits will also be something that tens of millions of families will need to be aware of when filing, as it could impact their final return.
There are other complicating factors that will carry over from the 2020 tax year, including unemployment benefits and working remotely in different states.
And, if proposed changes in the tax code that passed a House committee are enacted into law, those that are wealthy — as defined by lawmakers — will likely see their taxes rise.
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