Month: May 2021

How to Track Your Tax Refund

Written by Paul Belfiore on May 28, 2021. Posted in Blog, Taxes.

Amherst, NH Resident Looks for Answers

The IRS typically issues a tax refund within 21 days of receiving electronically filed returns and 42 days after receiving paper returns. Mail delivery is taking longer to process so this may be delayed if you are mailing your tax return or are expecting a check by mail as your refund. The IRS’ web site allows you to track your refund status at Get Refund Status (irs.gov). You will need your social security and the anticipated refund amount that you are expecting.

What Are the Tax Benefits of Marriage?

Written by Paul Belfiore on May 14, 2021. Posted in Blog, Taxes.

Litchfield, NH Newlyweds Wonder About Their Taxes

Once married, you and your spouse can file taxes jointly, which has a number of tax benefits. If either one of you makes significantly less income, this can lower your tax bracket and reduce your tax rate. Combining incomes will bring the partner in the higher tax bracket to a lower level, reducing the couple’s overall tax bill. There are also more deductions available to married couples filing jointly, including a higher threshold for charitable contributions and residency gain.

What are the Changes to the Child Tax Credit?

Written by Paul Belfiore on May 7, 2021. Posted in Blog, Taxes.

Nashua, NH Resident Looks for Clarification

Currently taxpayers can claim a tax credit of $2,000 per child under age seventeen. The American Rescue Plan raises that amount to $3,600 for children under age six and $3,000 for those between six and seventeen. This change means additional tax credit per child, and it allows those that are seventeen to now qualify as well. While the majority of families with minor children will qualify for this additional tax credit, there are income limits that will restrict others.