FAQ
DO I NEED TO REPORT ANY BUSINESS LOANS?
No, business loans are not generally considered business income, as it is money that you have borrowed and are paying back as opposed to money that the company has earned. The one major exception is if some or all of your debt is forgiven by the lender or creditor. The amount that is forgiven would then be considered income for tax purposes.
CHILD TAX CREDIT INFO YOU NEED TO KNOW
The total credit amount increased for this year:
For kids under 6, it went from $2000 to $3600
For kids ages 6-16, it went from $2000 to $3000
17-year-olds were previously excluded, but are now eligible for a credit of $3000
ADVANCE CHILD TAX CREDIT PAYMENTS INFO
These payments were based on the most recent tax return of the person who last claimed the child.
If you opted out of these payments or didn't get the full amount, we'll make sure you get it when you file this year's return.
Your credit on this year's return will be the total amount you qualify for minus the payments you've already received.
CAN I LOSE MY REFUND BY NOT FILING?
Absolutely!  In most cases, an original return claiming a refund must be filed within three years of its due date for the IRS to issue a refund. Generally, after the three-year window closes, the IRS won't send a refund for the specific tax year.