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build back better tax proposals

What is the Build Back Better Act & How Will It Affect Your Taxes?

On September 13th, the House Ways And Means Committee approved tax provisions that will be part of the Build Back Better Act which may be effective as of January 1, 2022. The proposed legislation scales back on key tax proposals set forth in Biden’s American Families Plan. Although there is uncertainty about which proposals will…

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child tax credit

IRS Monthly Child Tax Credit Payments Begin On July 15th

The American Rescue Plan Act of 2021 significantly increases the Child Tax Credit (CTC) for one year to help families impacted by the pandemic. Millions of eligible families will receive a CTC of $3,000 to $3,600 for each child. Additionally, half of the credit will be paid in advance. On July 15th, the IRS will…

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college funds

Tax-Smart 529 Education Savings Plans

For many families, a huge concern is finding a way to pay for their children’s college education. Especially, with the climbing cost of higher education. According to the College Board’s Trends in College Pricing and Student Aid 2020 report, the average cost of tuition in 2020-2021 was $37,650 in private colleges, $10,560 at public colleges, and $27,020 at…

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third stimulus check

Third Stimulus Check Update: Find out how much you will get

The American Rescue Plan Act of 2021 authorized the third round of economic impact payments, also known as stimulus checks, for individuals and their dependents. These payments are non-taxable. Here are some frequently asked questions regarding eligibility, payment amount, income limitations, how payments will be delivered, and more. When will the third round of stimulus checks…

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