If you have not already heard, the IRS has sent out an alert that the final sign-up deadline for the Advance Child Tax Credit is November 15th 2021. I am sure many of you have already signed up if you have not this; now is the right time to get your ducks in order and give your trusted team of advisors at The FitBiz CPA a call. Our team has helped several individuals and business owners take advantage of this valuable tax credit. If you have filed your 2019 and 2020 tax returns you are eligible to take advantage of this credit, nevertheless there are some income related phase outs that you need to be aware of:
- $75,000 for Single Filers
- $150,000 for Married Filing Jointly
- $112,500 for Single Head of Household
If your CPA dropped the ball on the advance child tax credit then you need to hurry up and contact us, our team might be able to help you contact the IRS and still take advantage of this incredible CASH SAVINGS opportunity. Again, I want to re-emphasize, the IRS is currently prioritizing low-income families, but this does not mean that middle class earners are going to be left out. In fact, low-income earners often do not file their tax returns and that can leave them at a massive disadvantage. Regardless of your income status, its best to consult your CPA regarding the status and management of your advance tax credit payments. The IRS has directed these payments to be issued via direct deposit, thus its critical that you log on to the Tax Credit Portal and verify your mailing address and bank information.
Who wouldn’t want to take advantage of $1,800 dollars per child for children under 6 and $1,500 per child for children between the ages of 6 and 17. I think this is one of those golden nuggets that uncle Sam generally drops once in generation (thanks COIVD) and to leave this type of money on table should be an unforgivable sin.
Contact your trusted CPAs & Advisors at The FitBiz CPA.