Reminder: Child & Dependent Care Credit Has Increased for 2021 Only
The American Rescue Plan offers some great tax benefits for working parents with young children. Not only has the plan increased the amount of the credit and eligible expenses for child and dependent care, but it also has modified the credit’s phase-out for...
Attention Clients with Children Age 17 and Under!
The federal government has begun to distribute child tax credit payments. You can expect to receive these payments monthly if your adjusted gross income is under $400,000 if filing as Married, or $200,000 if filing as Single, Separate or Head of Household. Please keep...
Still Waiting For Your Tax Refund?
Nichols & Company ensures that the IRS accepts your return electronically; but after that point, they do not communicate with us about the status of your return. We have heard from our clients and in the news that the IRS is slow to process returns and issue...
New Tax Year 2021 Changes Brought About By the American Rescue Plan
The American Rescue Plan provides some great benefits for working parents with young children: The child care credit has been expanded. The new law increases the amount of the credit, as well as the percentage of employment-related expenses for qualifying care...