Spring and tax season are both officially upon us, so we wanted to make sure you’re aware of the benefits of the COVID relief bill and give you some tips for other deductible options. Then, it’s all about the COVID vaccine–where to get it, and where to take your vaccine card for goodies afterward.
First, we want to be sure you’re aware that the IRS has changed the filing deadline to May 17 for federal taxes, which means that you can also delay your payments to May 17 as well. While you’re thinking about taxes, make sure you pay attention to the qualified business income deduction. Briefly, this is a deduction for small business owners and self-employed people to deduct up to 20% of their qualified business income on their taxes. In general, total taxable income must be under $163,300 for single filers and $329,800 for those filing jointly.
The newest COVID relief bill, the American Rescue Plan, has several benefits that we want to highlight for you:
- A third economic impact payment of $1400 is on the way for those making less than $75,000 a year (or $150,000 for couples filing jointly). Click here to find out if you qualify.
- The bill increases the per-child tax credit from $3000 to $3600 for children under six. Adult children who are still dependent, like college students, are eligible for their own economic impact payment.
- ARP has extended the unemployment payments of $300 per week through September 6, 2021, and extends the total number of weeks from 50 to 79.
Let us know if you have questions about whether you or your family members qualify for any of these benefits, including the qualified business income deduction.
The COVID pandemic itself may feel like it’s coming to an end with more people getting the vaccine, and it pays to stay cautious as cases are rising in some areas. If you or a loved one is not yet vaccinated, there are several places to look. In addition to signing up in your health district or on your state’s website, Vaccine Finder is a useful tool that helps users locate private businesses (like pharmacies) that are offering the vaccine. Simply enter your zip code, mileage radius, and which vaccine options you’re interested in, and the site will generate a list of places to try. Virginia residents should be sure to also sign up with Vaccinate Virginia to be sure you’re on the state’s list.
Maryland is now vaccinating people in phases 1 and 2A; those in 2B are able to pre-register. Maryland residents should click here to ensure you’re on the list.
After you get your shot, be sure to take your vaccine card to Krispy Kreme to get a free donut. Several other companiesare offering freebies for vaccinated people, too. Lyft and Uber will provide free rides to anyone traveling to a vaccine site for their appointment in an effort to increase access to the vaccine. All over the world, governments and employers are offering benefits to people who get vaccinated in an attempt to help the global population reach herd immunity as soon as possible.
We hope all of you are able to enjoy the beautiful spring weather we’ll be experiencing in the coming weeks with loved ones.