April is celebrated as the Financial Literacy Month. This started back in 2004, when the U.S. Congress designated April as National Financial Literacy Month. Over the years, many federal and state agencies, credit unions, schools, nonprofit organizations, and socially conscious businesses started participating in this initiative to raise awareness about the importance of financial literacy education in the United States.
The Internal revenue Service (IRS) is mailing letters to some taxpayers who had claimed the 2020 Recovery Rebate Credit (RRC) and may be getting a different amount than they expected.
Gov. Larry Hogan has signed the Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families (RELIEF) Act of 2021 into law. The RELIEF Act will now provide more than $1 billion in direct stimulus and tax relief for Maryland working families, small businesses, and those who have lost their jobs due to the COVID-19 pandemic.
The federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will provide formal guidance on this matter in the next few days.
The American Rescue Plan Act of 2021 includes expanded unemployment benefits, increased child tax credits, additional small business relief, and sundry initiatives with tax implications for both individuals and businesses.
Maryland residents now have three extra months to file state income taxes this year because of Coronavirus pandemic-related changes to the tax code.