Ming Chao Zhang CPA PLLC

If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive.... http://mczhangcpa.com//23/enhanced-child-tax-credit-for-2/

New York Tax Update: In regards to the exclusion of the first $10,200 unemployment compensation at the federal level for Year 2020, NY Department of Taxation and Finance created a new From IT-558 which states that any amendments made to the IRC after March 1, 2020, will NOT apply to New York State or New York City personal income tax. In other words, the $10,200 excluded from taxpayer's federal taxable income will be ADDED BACK to New York income.

Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020 ($7,000 if you were age 50 or older on or before December 31, 2020). For most taxpayers, the contribution deadline for 2020 is April 15, 2021.... http://mczhangcpa.com//theres-still-time-to-contribute-to/

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2021 718-683-5448 10 AM - 6 PM). 10 AM - 6 PM). 42-35 Main Street, Suite CD, Flushing, NY 11355. MCZhang CPA https://mczhangcpa.com

The U.S. Department of Education has designated February as Financial Aid Awareness Month, and this year there's a lot to talk about. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, another relief package in response to the pandemic. Included in the bill were several provisions related to education, including many changes to financial aid. Here are some key highlights.... http://mczhangcpa.com//financial-aid-changes-on-the-horiz/

If you received unemployment compensation in 2020, you would need to download a copy of your 1099-G from your online account with New York State Department of Labor. See pictures below for the steps. The form should be available by January 31, 2021 for the purposes of tax preparation.

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2020 Maximum EITC amounts allowed: The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed: Zero children: $538... One child: $3,584 Two children: $5,920 Three or more children: $6,660 2020 income limits Those who are working and earn less than these amounts may qualify for the EITC: Married filing jointly: Zero children: $21,710 One child: $47,646 Two children: $53,330 Three or more children: $56,844 Head of household and single: Zero children: $15,820 One child: $41,756 Two children: $47,440 Three or more children: $50,954 Taxpayers who are married filing separately can’t claim EITC.

44 Ways to Make Money at Home (At Any Age or Skill Level) in 2021. Mint Life, January 19, 2021. For all ages For kids For teens... For college students and young adults For seniors https://mint.intuit.com//how-to/ways-to-make-money-at-home/