Monthly payments of up to $300 per child under the age of six and up to $250 per child under the age of 17 are the result of a possibly temporary expansion of the child tax credit that is part of the COVID-19 relief package signed by President Joe Biden in March. Households that filed a 2020 or 2019 federal income tax return and claimed the regular child tax credit will get payments automatically. How does the expanded child tax credit work for divorced parents who alternate claiming their child? Should the person who claimed the child in 2020 opt out of the monthly tax credit? It is a question we took to Eric Freeman, a CPA and Tax Senior Manager for BeachFleischman.
The Biden administration said Wednesday it is hiring more federal firefighters — and immediately raising their pay — as officials ramp up response efforts in the face of a severe drought that is setting the stage for another destructive summer of intense wildfires across the West.
Aiming to preserve a fragile bipartisan deal on infrastructure, President Joe Biden said Saturday he didn’t mean to suggest he would veto the bill unless Congress also passed a larger package to expand the social safety net.
We’ve had a week of record high temperatures, and that’s creating a challenging summer for electric companies as they try to keep up with the heat and high energy demand. Electric companies are asking customers to cut back on energy use as much as they can.
Deal would keep higher-earning taxpayers from directly having to pay a new 3.5% surcharge to fund schools by capping their maximum tax at the current top rate of 4.5% and using general fund cash to pay schools the difference.