2021 Tax Year in Review
After another rollercoaster of a year, now is a good time to consider the tax changes affecting 2021. The most significant changes for individuals came from American Rescue Plan Act enacted in March 2021 and the Consolidated Appropriations Act that was passed in December 2020.
Changes to the Child Tax Credit
Significant changes to the child tax credit were enacted in recent months. Many families will receive increased credit amounts and can receive up to half of the credits as advance monthly payments beginning in July.