The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don't normally have to file taxes to provide the IRS the basic information needed - name, address, and Social Security numbers – to figure and issue advance child tax credit payments. Often, these are individuals and families who receive little or no income, including those experiencing homelessness.
Here’s who should use this tool This tool is for people who did not file a tax return for 2019 or 2020 and did not use the IRS Non-filer tool last year to register for Economic Impact Payments. It enables them to provide required information about themselves, their qualifying children age 17 and under, their other dependents, and their direct deposit bank information so the IRS can quickly and easily deposit the payments directly into their checking or savings account. Here’s who should not use this tool Eligible families who already filed or plan to file 2019 or 2020 income tax returns should not use this tool. Once the IRS processes their 2019 or 2020 tax return, the information will be used to determine eligibility and issue advance payments. Families who want to claim other tax benefits, such as the earned income tax credit, should not use this tool. They should file a regular tax return. For them, the fastest and easiest way to file a return is the Free File system, available only on IRS.gov. About the advance child tax credit The expanded and newly-advanceable child tax credit was authorized by the American Rescue Plan Act, enacted in March. Normally, the IRS will calculate the payment based on a person's 2020 tax return, including those who use the Non-filer Sign-up tool. If that return has not yet been filed or is still being processed, the IRS will determine the initial payment amounts using the 2019 return or the information entered using the Non-filer tool that was available in 2020. The payment will be up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 through 17. The IRS will issue these payments by direct deposit if correct banking information has been provided to the IRS. Otherwise, people should watch their mail around July 15 for their mailed payment. The dates for the advance child tax credit payments are July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15. See Advance Child Tax Credit Payments in 2021 on IRS.gov for details on eligibility and more helpful resources. The IRS asks community groups, non-profits, associations, education organizations and anyone else with connections to people with children to share this critical information about the advance child tax credit as well as other important benefits. "Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office. The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs. We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com. Monarch Accounting Group, Inc 145 Tower Drive, Suite 4 Burr Ridge, IL 60527 Phone (630) 320-3720
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
BLOGTo better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful! CATEGORIES
All
ARCHIVES
September 2023
|