{"id":5174,"date":"2021-03-13T17:51:25","date_gmt":"2021-03-13T17:51:25","guid":{"rendered":"http:\/\/s876455381.onlinehome.us\/?p=5174"},"modified":"2021-03-14T14:04:44","modified_gmt":"2021-03-14T14:04:44","slug":"the-american-rescue-plan-act-of-2021","status":"publish","type":"post","link":"https:\/\/frischfinancial.com\/staging\/the-american-rescue-plan-act-of-2021\/","title":{"rendered":"The American Rescue Plan Act of 2021"},"content":{"rendered":"\n<p>What You Need to Know<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>The \u201cAmerican Rescue Plan Act of 2021\u201d has now been signed into law by President Biden on March 11, 2021.&nbsp; This $1.9 trillion coronavirus relief package is best known for the new round of stimulus checks which are expected to start going out this weekend.&nbsp; Let\u2019s take a look at some of the details:<\/p>\n\n\n\n<h2><strong>The Third\u00a0Round of Stimulus Payments<\/strong><\/h2>\n\n\n\n<ul><li>$1,400 per person plus $1,400 per dependent, with income limitations.<\/li><li>Income Limitations of $75,000 for single tax filers, $150,000 for joint tax filers and $112,500 for Head of Household filers.&nbsp;<\/li><li>This is phased out with incomes between $75,000 &#8211; $80,000 for single filers and $150,000 &#8211; $160,000 for joint filers and $112,500 to $120,000 for Head of Household filers.<\/li><\/ul>\n\n\n\n<h2><strong>Extended Unemployment Support<\/strong><\/h2>\n\n\n\n<ul><li>Federal unemployment checks of $300 per week are extended to September 6, 2021.<\/li><li>The first $10,200 of 2020 unemployment benefits are not taxed for households making less than $150,000.<\/li><\/ul>\n\n\n\n<h2><strong>Expanded Child Tax Credits for 2021<\/strong><\/h2>\n\n\n\n<ul><li>Increased credit amount to $3,600 per qualifying child up through age 6 and $3,000 per qualifying child age 7-17.  (This is an increase from the current amount of $2,000 and the current age cap of 16.)<\/li><li>Income Limitations of $75,000 for single tax filers, $150,000 for joint tax filers and $112,500 for Head of Household filers and phased out above these limits.<\/li><li>The phaseout is $50 for every $1,000 of income.<\/li><li>NEW: This Credit is now refundable for 2021.<\/li><li>NEW: Advance Payments will be made.&nbsp; The expectation is that periodic payments will be made starting Summer 2021.<\/li><li>According to the Tax Policy Center, more than 90% of families will get some benefit from this expanded Child Tax Credit.<\/li><li>As this applies to 2021 tax year, it will get reconciled on 2021 tax returns which will get filed a year from now.<\/li><\/ul>\n\n\n\n<h2><strong>Expanded Earned Income Tax Credit<\/strong><\/h2>\n\n\n\n<ul><li>This was expanded in many ways including special rules that were added to cover individuals with no children, and:<\/li><li>The minimum age to qualify was decreased, and the maximum age was eliminated.<\/li><\/ul>\n\n\n\n<h2><strong>Expanded Child and Dependent Care Tax Credit for 2021<\/strong><\/h2>\n\n\n\n<ul><li>For those that pay expenses for the care of a qualifying individual so that you can work or actively look for work, the credit is expanded from $1,050 to $4,000 for one child and from $2,100 to $8,000 for two or more children.<\/li><li>NEW: This Credit is now refundable for 2021.<\/li><\/ul>\n\n\n\n<p>Additionally, the new law provides assistance in the distribution of COVID-19 vaccines, aid to state and local governments with a portion for infrastructure projects, assistance to schools with funds for COVID-19 precautions and student loan forgiveness is now tax-free for forgiveness from 2021 and 2025.&nbsp; There are so many other provisions as well and we will share planning opportunities with you.&nbsp; Please <a href=\"https:\/\/frischfinancial.com\/staging\/contact\/\">contact us <\/a>if you have any questions.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know The \u201cAmerican Rescue Plan Act of 2021\u201d has now been signed into law by President Biden on March 11, 2021.&nbsp; This $1.9 trillion coronavirus relief package is best known for the new round of stimulus checks which are expected to start going out this weekend.&nbsp; Let\u2019s take a look at [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5175,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:paragraph -->\n<p>What You Need to Know<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"\/>\n<!-- \/wp:separator -->\n\n<!-- wp:paragraph -->\n<p>The \u201cAmerican Rescue Plan Act of 2021\u201d has now been signed into law by President Biden on March 11, 2021.\u00a0 This $1.9 trillion coronavirus relief package is best known for the new round of stimulus checks which are expected to start going out this weekend.\u00a0 Let\u2019s take a look at some of the details:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2><strong>The 3<sup>rd<\/sup>\u00a0Round of Stimulus Payments<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li>$1,400 per person plus $1,400 per dependent, with income limitations.<\/li><li>Income Limitations of $75,000 for single tax filers, $150,000 for joint tax filers and $112,500 for Head of Household filers.\u00a0<\/li><li>This is phased out with incomes between $75,000 - $80,000 for single filers and $150,000 - $160,000 for joint filers and $112,500 to $120,000 for Head of Household filers.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading -->\n<h2><strong>Extended Unemployment Support<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li>Federal unemployment checks of $300 per week are extended to September 6, 2021.<\/li><li>The first $10,200 of 2020 unemployment benefits are not taxed for households making less than $150,000.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading -->\n<h2><strong>Expanded Child Tax Credits for 2021<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li>Increased credit amount to $3,600 per qualifying child up through age 6 and $3,000 per qualifying child age 7-17.  (This is an increase from the current amount of $2,000 and the current age cap of 16.)<\/li><li>Income Limitations of $75,000 for single tax filers, $150,000 for joint tax filers and $112,500 for Head of Household filers and phased out above these limits.<\/li><li>The phaseout is $50 for every $1,000 of income.<\/li><li>NEW: This Credit is now refundable for 2021.<\/li><li>NEW: Advance Payments will be made.\u00a0 The expectation is that periodic payments will be made starting Summer 2021.<\/li><li>According to the Tax Policy Center, more than 90% of families will get some benefit from this expanded Child Tax Credit.<\/li><li>As this applies to 2021 tax year, it will get reconciled on 2021 tax returns which will get filed a year from now.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading -->\n<h2><strong>Expanded Earned Income Tax Credit<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li>This was expanded in many ways including special rules that were added to cover individuals with no children, and:<\/li><li>The minimum age to qualify was decreased, and the maximum age was eliminated.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading -->\n<h2><strong>Expanded Child and Dependent Care Tax Credit for 2021<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li>For those that pay expenses for the care of a qualifying individual so that you can work or actively look for work, the credit is expanded from $1,050 to $4,000 for one child and from $2,100 to $8,000 for two or more children.<\/li><li>NEW: This Credit is now refundable for 2021.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>Additionally, the new law provides assistance in the distribution of COVID-19 vaccines, aid to state and local governments with a portion for infrastructure projects, assistance to schools with funds for COVID-19 precautions and student loan forgiveness is now tax-free for forgiveness from 2021 and 2025.\u00a0 There are so many other provisions as well and we will share planning opportunities with you.\u00a0 Please <a href=\"https:\/\/frischfinancial.com\/staging\/contact\/\">contact us <\/a>if you have any questions.\u00a0<\/p>\n<!-- \/wp:paragraph -->","_et_gb_content_width":"1080"},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The American Rescue Plan Act of 2021 - Frisch Financial Group<\/title>\n<meta name=\"description\" content=\"The &quot;American Rescue Plan Act of 2021&quot; has now been signed into law by President Biden on March 11, 2021. 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