The American Rescue Plan provides a number of beneficial tax provisions. The most immediately beneficial provisions are-
$𝟏,𝟒𝟎𝟎 𝐑𝐄𝐂𝐎𝐕𝐄𝐑𝐘 𝐑𝐄𝐁𝐀𝐓𝐄. In addition to the $600 from earlier this year, another $1,400 will be distributed to eligible individuals. The payment amount starts falling when adjusted gross income (AGI) reaches $75,000 for single taxpayers, $112,500 for heads of household, and $150,000 for joint filers. It totally disappears when AGI reaches $80,000 for single taxpayers, $120,000 for heads of household, and $160,000 for joint filers.
$𝟏𝟎,𝟐𝟎𝟎 𝟐𝟎𝟐𝟎 𝐓𝐀𝐗-𝐅𝐑𝐄𝐄 𝐔𝐍𝐄𝐌𝐏𝐋𝐎𝐘𝐌𝐄𝐍𝐓. $10,200 of 2020 unemployment insurance will be tax free for those with AGI’s below $150,000.
𝟐𝟎𝟐𝟏 𝐔𝐍𝐄𝐌𝐏𝐋𝐎𝐘𝐌𝐄𝐍𝐓 𝐄𝐗𝐓𝐄𝐍𝐒𝐈𝐎𝐍. The unemployment benefits set to expire on March 14 are extended until September 6 at $300 a week.
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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.
𝐎𝐯𝐞𝐫 𝟑𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.