Electric vehicles appear to be here to stay as they continue to grow in popularity with more and more drivers on the road today. And, as more auto manufacturers commit to producing electric vehicles, buyers are still looking for ways to offset the cost of their purchase.
The pandemic has wreaked havoc with many family’s finances. To help with this, the federal government has made it much easier for many parents to take advantage of the child tax credit and advance child tax credit. But, as with anything concerning your taxes and the IRS, there are various guidelines you must follow to ensure your information is correct, and so that you get the tax credit you expect. To help guide you through this process, we have compiled some of the most common questions and answers pertaining to this important topic.
Parents and guardians who care for one or more children should know how valuable the child tax credit is. This tax credit is available for qualified filers who have a child under the age of 17. Since it was enacted in 1997 and since then has helped millions of people with the costs of rearing a child. Up to $2,000 is now available per child. The new administration is hoping to expand the child tax credit, on a temporary basis as part of a COVID-19 relief plan. While the measures still need to pass on the Congressional floor, there are some exciting aspects of the proposal that are worth knowing.
The COVID-19 pandemic has negatively affected businesses around the nation. Due to this, some impacted businesses can take advantage of a reimbursable tax credit known as the Employee Retention Credit (ERC). The ERC is an incentive meant for employers to encourage employee retention during the pandemic. Read on to find out more about the Employee Retention Credit and its impact to your business during and after the epidemic.