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  • Home
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    • Services
    • File Your Taxes Online
  • About Us
    • Contact Us
    • About BELNAVIS
  • Individual Tax Resources
    • 2022 Tax Brackets & Rates
    • 2023 Tax Brackets & Rates
    • Estimated Tax Payments
    • Paying your Taxes
    • Penalty Relief
    • Beware of Tax Penalties
  • Business Tax Resources
    • Sch. C Business Expenses
    • Its Hobby or a Business?
    • Grants for Businesses
  • Other Tax Resources
    • State Department Contacts
    • 2023 Tax Calendar
    • COVID-19 Resources
    • Covid Programs Comparison
    • American Rescue Plan Act
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Key Comparison of the covid relief programs

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Key areas of comparision

Economic Impact Payments (EIP)

Special lookback for Earn Income Tax Credit

Economic Impact Payments (EIP)

Earn Income Tax Credit

Special lookback for Earn Income Tax Credit

Economic Impact Payments (EIP)

Special lookback for Earn Income Tax Credit

Special lookback for Earn Income Tax Credit

Special lookback for Earn Income Tax Credit

Child Tax Credit

Child & Dependent Care Credit

Special lookback for Earn Income Tax Credit

Refundable Child Tax Credit

Child & Dependent Care Credit

Child & Dependent Care Credit

Child & Dependent Care Credit

Child & Dependent Care Credit

Child & Dependent Care Credit

Taxability of Student Loan Forgiveness

Taxability of Student Loan Forgiveness

Taxability of Student Loan Forgiveness

Premium Tax Credit

Taxability of Student Loan Forgiveness

Taxability of Student Loan Forgiveness

Paycheck Protection Program Loans

Taxability of Student Loan Forgiveness

Paycheck Protection Program Loans

economic impact payments (eip)

As with the EIP 1 and EIP2, most recipients will receive these payments by direct deposit.


●   For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.


●   Debit cards are being issued again. New cards are issued for each EIP.


●   The IRS cannot change payment information, including bank account or mailing

information. No non filer tool for this EIP Payment.


●   Credit is NOT subject to offset like EIP1 and EIP2.

Earned income tax credit

special lookback for earn income tax credit

Special temporary rule allowing lower income individuals to use their

earned income from tax year 2019 to determine the EITC


In the 2020 tax year, the taxpayer may elect to use 2019 earnings instead of

2020 earnings to calculate the credit, if they choose.


New: In the 2021 tax year, the taxpayer may again elect to use 2019 (note,

not 2020!) earnings instead of 2021 earnings to calculate the credit, if they

choose.


So, this is a provision that will be ongoing for at least one more tax year after

this one keep it in mind while tax planning.

Child tax credit

refundable child tax credit - tax year 2021

Eligibility

Must have maintained a principal place of abode in the U.S. for more

than one half of the tax year.


A member of the U.S. Armed Forces stationed outside the U.S. while

serving is treated as having a principal place of abode in the U.S.


Applies to Taxpayers who are Puerto Rico bona fide residents.


Special rules apply to “Mirror Code” territories (Guam, the

Commonwealth of the Northern Mariana Islands, and the U.S. Virgin

Islands).

child and dependent care credit

taxability of students loan forgiveness

premium tax credit

paycheck protection program loans

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