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NEWS & UPDATES

Helpful Tips and Updates


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WHAT IS YOUR TAX BRACKET? 2021-2022 FEDERAL TAX BRACKETS

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A FEW TAX CHANGES YOU NEED TO KNOW BEFORE FILING FOR 2021

Here are a few tax changes you need to be aware of when you file your 2021 tax return.

1. A boosted child tax credit
The government increased the credit to a maximum of $3,000 per child 17 and under, and $3,600 for children five and under. These credits are fully reimbursable, with no $2,500 earned income requirement; 

2. Tax rates remain unchanged for 2021, but the brackets themselves expanded to account for inflation;

3. Get a $300 charitable deduction, even if you don't itemize;

4. ARPA allows employers to increase the annual limit on contributions to dependent care FSAs up to $10,500 for the 2021 plan year only.

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