May 17th was the last day to prepare our taxes, after an additional month to submit our reports, we still did not feel prepared. Regardless of how long the extension is, that day comes and we have to face the reality of knowing what could be owed to the internal revenue department.

By waiting for the last day, we could have other problems and the accountant will surely be very busy and under great pressure. This situation tends to cause errors in the return, which can have consequences, from the delay in processing the tax report, not correctly claiming my credits, or even attracting the attention of the IRS and being called for an audit.

The above is what usually happens on the last day of tax preparation. Many people wait for the last moment and aren’t prepared with their papers. It is of utmost importance that you, who have your transportation business and work hard throughout the year, collaborate so that you can have all the benefits of claiming your business expenses.

The 15th of July; Tributary Credit

This note is for all those taxpayers who qualify to receive advance payment of the child tax under the American Rescue Plan. Your first payment is scheduled for July 15th.

According to the IRS, approximately 39 million households are expected to begin receiving monthly payments. Previously, the IRS had predicted that only periodic payments would be possible, although it expected to start them on July 1.

Child credit payments will be made on the 15th of each month, unless the 15th is a weekend or holiday. Eligible families will receive a payment of up to $ 300 per month for each child under age 6 and up to $ 250 per month for each child age 6 and older.

In 2021 the American Rescue Plan increased the credit per child to a maximum of $ 3,600 for children under 6 years old and to $ 3,000 for children between 6 and 17 years old. Most taxpayers will not be required to take any action to receive their payments, but the Treasury and the Internal Revenue Service will continue their outreach efforts to make more families aware of their eligibility.

The American Rescue Plan Act expands the child credit in hopes of reducing child poverty by supplementing the income of families receiving the tax credit. The law increased the amount from $ 2,000 to $ 3,600 for children under the age of six and $ 3,000 for other children under the age of 18 for the remainder of the year.