The tax filing season is officially underway, but this year, there are some changes, and people are already experiencing glitches when they file.
Tax expert Shaquanna Brooks, CEO of Brooks Alliance, spoke with PIX11 News and walked us through some of the issues.
Child tax credit
- People with children 5 and younger are due a child tax credit of $3,600 while those with kids ages 6 to 17 are due a credit of $3,000. However, most parents have received advanced child tax credits since July. Things can be impacted of people changed bank accounts in between.
- People can claim their remaining stimulus credit when they file taxes. Be aware and make sure they enter the correct amount of the stimulus payment received.
New rule for businesses using Paypal and Venmo
- Business owners conducting business transactions of a total of $600 or more. You will receive a 1099-K if so. It does not apply to personal payments.