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We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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As the payment date nears for the Advance Child Tax Credit (ACTC) distributions, the IRS has published frequently asked questions (FAQs) on IRS.gov. The FAQs are designed to help parents understand who qualifies for the credit and how to obtain their payments. 1. How Much are Advance Child Tax Credit Payments? The advanced payments will be a total of six payments equal to 50% of the estimated Child Tax Credit for the taxpayer's 2021 tax return. This payment would normally be received when you file your return in 2022. However, up to 50% of your credit amount may be distributed through advance monthly payments. For a moderate-income family of five with children ages 4, 7 and 10, the total credit will be $9,600. The ACTC amounts will total $4,800 and the 2021 tax credit will be the remaining $4,800. 2. Do You Need to Take Action? Most individuals will not need to take any action and will receive Advance Child Tax Credit payments based upon the information in their 2020 or 2019 tax return. Some individuals who used the Non-Filer tool on IRS.gov to receive Economic Impact Payments will also receive an...
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GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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