Pennsylvania tax filers will not be provided any automatic extensions because of the pandemic and will need to have their 2021 Federal and State Taxes filed by Monday, April 18, 2022. If you do not file your income taxes by April 18, you must pay any estimated taxes due and request an extension. The Child Tax Credit and Recovery Rebate Credit will be two adjustments tax filers should be looking for when filing their taxes.
The Child Tax Credit for 2021 is at $2,000 but will phase out depending on the taxpayer’s income and whether they file Single, Head of Household, or Married Filing Joint. Individuals going through a divorce with children must evaluate which parent has more custody and meets the dependent and income requirements to be eligible for the credit.
The American Rescue Plan also grants a stimulus payment in the amount of $1,400 per person.
Negotiations of these payments should be discussed with your family law attorney.
Chief Marketing and Business Development Officer