It's essential to take extra care to report the money you received in 2021 when completing Schedule 8812 – or else you risk lengthy delays when it comes to receiving your tax refund. In fact, a ...

Take a look at last year's stats. The IRS already had received 39.6 million individual income tax returns by Feb. 14, 2020, and the bulk of those returns – 38.3 million – had been processed.

Tax Season 2021 has begun. When you dig into your tax return for reporting 2020 income, you’ll notice that Form 1040 has changed yet again. In 2018, the IRS condensed Form 1040 significantly ...

The most one can earn with no qualifying children on 2021 federal income tax returns is $1,502. That's nearly triple the old benefit of up from $538 on 2020 returns for those with no children.

While you won't pay taxes this year on the payments you receive in 2021, you still may need to repay the IRS some part of the advance payment when you file your income tax return in 2022.

Middle-class taxpayers earning $50,000 to $75,000 will have an effective average tax rate of -1.9%, while those earning between $75,000 to $100,000 will face a tax rate of 1.8%, the JCT found.