2021 NEW TAX LAWS EXPLAINED! (WATCH BEFORE FILING) 2021 TAX REFORM 2021 FEDERAL INCOME TAX RULES
Its tax time again! There are new laws and things to consider while filing for 2021! #Taxes, #Incometax #tax Donald Trump's new tax laws. Tax Reform 2021. 2021Federal Income Tax Rules! The Tax Cuts and Jobs Act bill brings numerous new changes to the world of taxes.
*** Disclaimer: I am not a CPA or tax attorney, I am just a random guy on Youtube that enjoys talking to his phone, and likes looking at ways to make and save money, so please do not take this as legal, professional, or tax advice; this is for solely for entertainment purposes only and when filing your taxes always consult a professional. ***
Now that we got that out of the way let’s discuss the new federal tax brackets in 2020 for filing in 2021 and easily explain deductions and credits to take into consideration when doing your taxes. Also depending on where you live don’t forget about your state income taxes as well!
In 2020 stimulus check and unemployment went out to millions, do not forget you do not have to pay taxes on your stimulus checks BUT you do have to pay taxes on your unemployment. If you did not have taxes withheld on your unemployment you will have to pay it when filing.
Stimulus checks that were not received but recipients were eligible, can be claimed as a rebate on your 2020 tax returns. Two rounds of checks went out, first for $1200 to individuals and $500 for dependents and the second was $600 for individuals and dependents; you can claim these if you were missed.
Child tax credit rules for 2021 will provide you will additional tax benefits while filing this year as well!
If you are a business owner you can deduct up to 20% your qualified business income! Start a business now!
Also on that note doing forget about capitol gains to take into consideration. Short term and long term, which if you can keep under $40,000 you could be very happy this year.
AOTC Education tax credits can help you out! $2,500 of the cost of tuition and other educational fees apply!
401K, 403B and 457 plans for retirement can receive contributions should be considered during taxes too!
Health Savings Accounts for medical expenses help you invest your money while covering medical expenses and also helping you in your taxes.
There is also Earned Income Tax Credit Relief for low to moderate income workers that can help you out if you struggled during 2020.
As updates come out, I will be sure to share.
Please Like! And Subscribe!
✦ S U B S C R I B E ✦ [ Ссылка ] New Videos Every Friday! SUBSCRIBER COUNT: 99,299
✦ F O L L O W ✦
Website | [ Ссылка ]
Instagram | @SteveRam3
✦ WEBULL PROMOTION ✦
[ Ссылка ]
✦ MODEST WOMEN’S CLOTHING AND APPAREL ✦
Website: [ Ссылка ]
✦ THURSDAY BIBLE STUDIES ✦
Facebook Page: [ Ссылка ]
✦ STAY UPDATED ON THESE PLAYLISTS ✦
UNEMPLOYMENT UPDATES
[ Ссылка ]
STIMULUS CHECK UPDATES
[ Ссылка ]__-
STIMULUS PACKAGE UPDATES
[ Ссылка ]
STEVE’S FIX-N-FLIP PROJECTS
[ Ссылка ]
BEGINNERS – REAL ESTATE INVESTING
[ Ссылка ]
