SOUTHERN COLORADO — It’s now time to file your taxes. And things are looking a bit different this year.
You might be used to getting a $3,600 child tax credit. However, this year, parents will be getting less.
That's because the surplus in child tax credit was part of the Biden American Rescue Plan. And it’s one of a few changes that impact this year’s tax season.
Here are the things you should know.
- Child tax benefit is less
- You won’t have to report your Venmo or PayPal payments this year
- Corporations with $1 billion in profit will pay a corporate tax of at least 15%
- IRS has hired more than 5,000 telephone assistors and more in-person staff
- The deadline to file is Tuesday, April 18
Single parents who file under $200,000 and married couples filing under $400,000 will get $2,000 dollars per child, the pre-pandemic rate.
The IRS is delaying a one-year new tax reporting requirement that requires Americans to report payments they receive for services through third party apps like Venmo and PayPal.
For more information, visit here.
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