On March 11, 2021, the President signed the latest COVID-19 relief bill into law. The $1.9 trillion bill contains another round of stimulus checks, updates to unemployment, new tax deductions & credits, and more. A few key points about the latest relief bill include:
$1,400 stimulus checks per person, including dependents. Taxpayers eligible for full payments include:
Single taxpayers earning below $75,000
Head of household earning below $112,500
Married filing jointly earning below $150,000
Extended weekly $300 federal payments to unemployed workers through September 6, 2021.
Tax exemption up to $10,200 in 2020 unemployment payments. Retroactive for 2020 taxes, not 2021.
Child Tax Credit
Expanded Child Tax Credit for up to $3,600 per child under age 6 and $3,000 per child up to age 17. Eligibility is based on the same earnings limits as the stimulus checks and is for the year 2021.
Childcare Tax Credit
Expanded tax credits for childcare. Families could get back a tax credit for as much as half their spending on childcare for children under the age of 13. Up to $4,000 for a single child and $8,000 for two or more children. Eligibility is subject to income limitations and is for the year 2021.
If you have questions on the latest relief bill, or anything else, we are always here to help!
One word to describe Tony Michelotti? Driven. The Spring Grove, Illinois native earned his Masters in Accountancy Degree from Western Illinois University and passed the CPA exam in 2009, joining Eder, Casella & Co. that same year. A partner at the firm, he works with a variety of clients, everything from income tax to auditing, and is a go-to person for helping small businesses set up and understand QuickBooks and accounting systems.