Gateway Tax Service

Important changes to the Child Tax Credit will help many families get advance payments of the Child Tax Credit starting in the summer of 2021.
Half the total credit amount will be paid in ADVANCE monthly payments and you will claim the other half when you file your 2021 income tax return. They will issue the first advance payment on July 15, 2021. If you get paid too much, you might have to pay it back when you file your 2020 tax return. If you are married BOTH have to opt out. Here is the link to opt out of it.
https://www.irs.gov/credit.../child-tax-credit-update-portal
Child Tax Credit Update Portal | Internal Revenue Service
irs.gov
Child Tax Credit Update Portal | Internal Revenue Service
View your eligibility and unenroll from advance payments of the Child Tax Credit.

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NEW LAWS:Tax credits for families and workers
The legislation beefs up tax credits for families and certain low-income workers for 2021.
In an effort to combat poverty, lawmakers are expanding the child tax credit to $3,600 for each child under 6 and $3,000 for each child under age 18. Currently, families can receive a credit of up to $2,000 per child under age 17.
The enhanced portion of the credit will be available for single parents with annual incomes up to $75,000 and joint filers making up to $150,000.
The credit will also become fully refundable so more low-income parents can take advantage of it. Plus, families can receive payments monthly, rather than a lump sum once a year, which is aimed at making it easier for them to pay the bills.

The unemployment of $10,000 is one step closer to not being taxable to federal. What is the state of Oregon going to do? I am on top of that one also.

Proposed legislation introduced this week would remove taxes on up to $10,200 in unemployment aid for the 2020 tax filing year. The bill, the Coronavirus Unemployment Benefits Tax Relief Act, introduced by Senator Dick Durbin (D-Illinois) and Representative Cindy Axne (D-Iowa) is intended to stave off a nasty tax surprise for millions who lost their jobs and received unemployment benefits last year.

The proposed bill would waive federal income taxes on the first $10,200 of unemployment benefits that Americans received in 2020. Notably, it would apply not only to those who received traditional unemployment benefits through their state unemployment insurance program, but also to those who received benefits through federal unemployment programs such as Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC). “Across the country, tens of millions claimed these [unemployment] benefits at some point over the past year,” Rep. Axne said in a press release. “We expanded these benefits through the CARES Act and other legislation because we knew an adequate and stable source of income would be vital for workers trying to make ends meet. I’m proud to introduce this legislation with Senator Durbin to ensure that these workers don’t face an unexpected tax bill, which could put them into further economic peril this April.”